Post Pandemic Considerations
At the beginning of 2019, we didn't know how bad things would get for Asia once Covid burst here, but we knew it would be a big deal. To summarize now we could see:
- Some Asian economies were able to recover quickly after the COVID-19 pandemic. However, others still lag behind.
- Women in Asia suffered disproportionately from the COVID-19 pandemic. Their jobs were cut off or reduced. They couldn't return to work. Poverty among them grew.
- Extreme weather events also affected their lives.
- The Asian economy is doing well despite the financial crisis.
- Their energy is strong and there is plenty of room for growth.
- Trade between Asia and Europe fell by 5% during the pandemic, while trade between Asia and the US grew by 7%. Asia became China's biggest trading partner for the first year since 2008. Value chains are becoming more localized - and regionalized.
- Large developing economies such as China and India are consuming more of what they make and this has led to a decline in trade intensity both within economies and globally. The shift towards Asia-for-Asian trade is expected to continue after the formation of the RCEP in November 2020.