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Policy Advice to Asia in the COVID-19 Era

Katsiaryna Svirydzenka and Changyong Rhee

No 2021/004, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.

Keywords: Policy Advice; Pandemic; Asia; DPPP; DP; containment measure; potential GDP; sample firm; illiquid firm; investment regression; nonfinancial firm; nonviable firm; rising debt; COVID-19; Yield curve; Central bank policy rate; Sovereign bonds; Global; Asia and Pacific; South Asia; Pacific Islands; Australia and New Zealand (search for similar items in EconPapers)
Pages: 105
Date: 2021-03-05
New Economics Papers: this item is included in nep-cba
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Handle: RePEc:imf:imfdps:2021/004