Asian Economic Development and Integration

The COVID19 pandemic has caused the economic shocks that drive governments in the world to react decisively to support firms, workers, and households by channeling liquidity support measures, such as social assistance, government loans to SMEs, and tax cuts. From advanced countries to emerging and low-income economies, governments have invested a vast amount of fiscal stimulus into protecting their people and defending their economies from further downturns. Furthermore, multiple lockdowns have also affected social aspects of development, such as education, food and nutrition, as well as closures of some small businesses. UNICEF (2020) noted that more than 1 billion children are at risk of falling behind due to school closures aimed at containing the spread of COVID-19. Even though countries have implemented remote education programs, children in the poorer areas may not have internet access, personal computers, TVs or even radio at home, amplifying the effects of existing learning inequalities. World Bank (2021) also pointed out that more countries are facing growing levels of acute food insecurity, higher than before COVID19 pandemic. The United Nations (2020) pointed out that, shaken by the COVID-19 pandemic, the world is not on track to achieve the Sustainable Development Goals by 2030. In terms of climate change action, the world is still far from meeting its Paris Agreement targets.