Potential Economic Impacts of the COVID-19 Pandemic on South Asian Economies: A Review

Md. Monirul Islam, Arifa Jannat, Dewan Abdullah Al Rafi and Kentaka Aruga
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Md. Monirul Islam: Department of Agricultural Economics, Bangladesh Agricultural University, Mymensingh 2202, Bangladesh
Arifa Jannat: Graduate School of Life and Environmental Sciences, University of Tsukuba, Tsukuba 305-8572, Japan

World, 2020, vol. 1, issue 3, 1-17

Abstract: The present research analyzes the potential economic impact of the COVID-19 pandemic on South Asian economies using a systematic review approach. The cause-effect relationship framework showed that the outbreak of COVID-19 slowed down the gross domestic product (GDP) along with major economic sectors and indicators in the South Asian economies. The short and long-run predicted scenario showed that, compared to the agriculture sector, the service and manufacturing sectors will be affected more seriously in all South Asian countries. It was found that governments in the region are trying their best to adopt and implement expansionary fiscal strategies to combat this situation. Many countries have included farmers and allied workers in the government’s support system to utilize resources. In order to maintain the balance of international trade, the import and export of essential items must be given special support. To cope with this situation, governments can invest money from different autonomous institutions to expand Micro, Small, and Medium Enterprises (MSME). The findings of this research will be helpful for policy planners to formulate appropriate programs for short and long-run demands, along with economic and fiscal policies to sustain and revive the economic activity in South Asia.

Keywords: COVID-19; economy; policy response; cause-effect; systematic review; South Asia (search for similar items in EconPapers)
JEL-codes: G15 G17 G18 L21 L22 L25 L26 Q42 Q43 Q47 Q48 R51 R52 R58 (search for similar items in EconPapers)
Date: 2020
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