The World Bank on Tuesday slashed economic growth forecasts across Asia this year amid the coronavirus pandemic, predicting that Malaysia and Thailand would plunge into recession even in a best-case scenario.
The government has outlined a worst-case scenario where the domestic economy contracts by 0.4 percent as the COVID-19 pandemic arrests swaths of economic activity and poses recessionary risks to Southeast Asia’s largest economy.
The Philippines' economic growth is projected to "significantly decelerate" to three percent this year due to the impact of the COVID-19 pandemic, the World Bank said in a report released on Tuesday.
Indonesia is in a tough spot – waging a public health war against COVID-19 while fighting off recession using limited fiscal resources.
Indonesia is set to support manufacturers with the capacity to produce the desperately needed protective gear, test kits and ventilators that are crucial in the worldwide global fight against Covid-19 as Group of 20 (G20) nations pledge to focus on saving lives.
The Philippines will ask its neighbors in Southeast Asia to "refrain from imposing trade restrictive measures" to ensure supplies will not run out amid the mass quarantine in the country, Cabinet Secretary Karlo Nograles said Friday.
World travelers know that the economy of each country is unique and it usually represents the quality of life that is present at any given time. Of course, economic growth is usually determined by the activities of the people within a country. But with international trade and tourism working as key features in the world, we can see that there are many different factors that have economic implications for the future
The COVID-19 pandemic is first and foremost a human tragedy. Measures introduced to deal with the pandemic could save lives but are having wide-ranging economic effects and inducing economic contagion. There are already studies estimating the economic impact of the virus. But greater focus is needed on the transmission mechanisms of the economic contagion and in critiquing how assessments of the economic impacts are made, concentrating on the ASEAN region.
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
