COVID-19 Pandemic In Asia, Policy Responses And Multiplier Effects

Abstract

The significant effects of COVID-19 on Asian Economies during 2020-present was avoidable, and occurred within the context of damaging Trade Wars (US-China, US-Japan; etc.), major Economic Sanctions imposed on Russia, North Korea and China, foreign governments’ National Security concerns about Asian technology companies, significant and increasing Inequality in Asia, and increasing worldwide pollution/Climate-Change effects (floods; droughts; ocean garbage; etc.). This article: i) examines various aspects of the impact of COVID-19 (policy; healthcare; migration; food security; etc.); ii) explains problems inherent in fiscal/monetary/trade policies implemented by Asian governments in response to COVID-19 – which have only been only partially successful and may have created side-effects such as Inflation, mental health problems and de-motivation of employees; iii) explains the detrimental “Policy Contagion” among Asian governments during 2020-2021; iv) enumerates the key variables for possible recovery from effects of COVID-19 in Asia; iv) recommends changes in Asian Trade Policy.