The global economy, says the International Monetary Fund, is projected to shrink by 4.9 percent in 2020. The COVID-19 pandemic has had a more negative impact on economic activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecasted.
Fredrik Erixon talks to Chang Yong Rhee, Director of the Asia and Pacific Department at the IMF, about the prospects and policy challenges for Asian economies. Strong multilateral cooperation remains essential on multiple fronts. Beyond the pandemic, policymakers must cooperate to resolve trade and technology tensions that endanger an eventual recovery from the COVID-19 crisis.
What are the economic effects of the COVID-19 crisis in Asian economies?What are the main risks to the outlook? And what economic policy actions countries should undertake to reduce scarring effects?