Southeast Asian leaders warned Friday the virus pandemic had swept away years of economic gains and was hindering negotiations over the flashpoint South China Sea as they met online for a delayed summit.Vietnam, the current chair of the Association of Southeast Asian Nations (ASEAN), had wanted to use the summit to inject momentum into talks on a sprawling China-backed trade pact.But the immediate focus for the 10-member bloc was the crippling cost of the coronavirus, which has ravaged the ec
By the time COVID-19 reached South Asia, it had already penetrated most other regions of the world. Pakistan was one of the first in the region to be hit. In late February, Shia pilgrims who had come in contact with Chinese pilgrims while visiting holy sites in Iran brought it home with them. Not long after, Indian expatriates visiting from the United States (US) carried the virus to India.
Back in 2013, the Chinese government laid out a policy agenda that promised real reforms to an economy laden with debt and distorted by the influence of the country’s large state-owned enterprise (SOE) sector.
The coronavirus crisis has severely affected numerous sectors, from aviation, and tourism, to oil and gas even property. The World Bank noted in its recent ‘Global Economic Prospects’ report that the pandemic has caused the broadest collapse of the global economy since 1870.
The coronavirus pandemic inflicted a "swift and massive shock" that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said Monday.The world economy is expected to contract by 5.2 percent this year - the worst recession in 80 years - but the sheer number of countries suffering economic losses means the scale of the downturn is worse than any recession in 150 years, the World Bank said in its latest Global Econom
When the COVID-19 virus first emerged in Wuhan, China – many didn’t think that the novel coronavirus would drastically change their lives indefinitely. As we enter the sixth month of the outbreak – livelihoods, major industries, local businesses and the economy in general have been severely affected due to the pandemic. Governments have ordered nationwide lockdowns, controlled movements and travel restrictions in order to contain the deadly virus.
The Group of 20 (G20) leaders urgently need to reconvene to agree on an enhanced and more strongly coordinated global response to the COVID-19 crisis.
It was reported recently that the ASEAN +3 Macroeconomic Research Office (AMRO) had given Myanmar’s economy a positive outlook for the fiscal year of 2019 to 2020, expecting it to expand by 7.1 percent up from 6.8 percent in the previous fiscal year.
COVID-19 lockdowns may be gradually easing, but anxiety about the world’s social and economic prospects is only intensifying. There is good reason to worry: a sharp economic downturn has already begun, and we could be facing the worst depression since the 1930s.
Shuffling around their tiny slum home which is too small to stand up in, Thanapat Noidee and his wife Papassorn share donated noodles with their sons and worry about bills, as the coronavirus pushes Thailand's poor deeper into penury.The wood and breeze-block hut which is their home stands in the heart of a Bangkok commercial district festooned with five-star hotels and upmarket restaurants.They share the small space in the shadow of the nearby high-rise developments with their children
Thailand's premier on Wednesday urged parliament to approve the kingdom's biggest-ever stimulus package to revive an economy battered by coronavirus, which has brought tourism to a standstill, slashed exports and left millions jobless. The THB1.9 trillion (US$59.6 billion) package would be a much-needed financial boost for Southeast Asia's second biggest economy, which is expected to shrink by 5-6 percent in 2020. Members of parliament - who inaugurated a new