An Asian Strategy for Recovery and Reconstruction after COVID-19
Jun 03-2020
Asian countries should proactively coordinate financial, trade, public health and food security policies to avoid prolonged economic stagnation and international disruption from the COVID-19 pandemic, argues a report released on June 3rd.
The report, An Asian Strategy for Recovery and Reconstruction after COVID-19, was drafted by a team of eminent Asian experts, including Prof. Huang Yiping, Deputy Dean of the NSD and Chair of the China Finance 40 Forum.
Prof. Huang said that the report signifies the will of Asian countries to work in unison to deal with the double-whammy policy challenges of public health and economic crisis. It came into being against the backdrop of heavy economic losses wrecked by the pandemic, heightened geopolitical risks, and flaring nationalism. The USA has lost both the interest and the rallying power for multi-lateral cooperation, while its strategic rivalry with China is hampering both countries’ abilities to make constructive contributions to global recovery.
The weight and potential of Asian economies will be central to global economic recovery from the COVID-19 crisis, the report says. Cooperation in Asia to effect immediate action and frame ongoing collaboration will help avoid unintended international consequences of nationally driven policy responses and a deeper and prolonged downturn. Regional and multilateral frameworks will increase capacity to contribute constructively to regional and global recovery, it says.
