ASEAN+3 Macroeconomic Research Office
The modern international financial system emerged from the devastation of World War II. Since then, it has continued to be shaped by historic slumps – most recently, the 2008 global financial crisis.Today, the COVID-19 pandemic is putting the global financial system to another stringent test.
Social institutions such as education, healthcare and public housing services play a key part in a country’s soft infrastructure. Apart from roads, bridges, airports and other hard infrastructure projects needed to sustain growth across the region, soft infrastructure initiatives are just as crucial in developing knowledge, innovation and technical know-how.As a whole, the region has prospered over the past two decades with the “manufacturing for export” strategy as the main pillar i
