The countries belonging to the Asia-Pacific area managed to keep the Covid-19 virus under control quite effectively, which can be seen in the good recovery levels of the economy in this part of the world. However, the extent to which this recovery can be taken doesn’t depend entirely on the Asian or Pacific countries. A desirable recovery relies on the economic relationships with other countries of the world, countries in which the continuing occurrence of infections is stalling the recovery. According to the Chief Economist of the World Bank representing Pacific and East Asia, Dr. Aaditya Mattoo, things will speed up only when vaccines will be implemented at a wider scale.
If we are to take the statements of Dr. Mattoo, no matter how much effort countries in the Asia-Pacific area deposit in making the recovery happen, they will reach a plateau at some point and even slide backward if vaccines don’t start to be used fast. In his opinion, the countries that still struggle with infections should make the vaccine a priority, making room for the recovery of their economy and the economy of the rest of the world, eventually.
Vietnam and China managed to record a recovery that led them back to where they were before the pandemic started. The same Dr. Mattoo said that such a recovery was possible because these two countries haven’t been as affected by the health crisis in comparison to other countries. This allowed a fast and effective recovery of the local economy. Regarding other large economies in the Asia-Pacific area, they managed to get back on their feet up to a point, but the rebound is not that spectacular due to the negative effects of the pandemic, which produced bigger damages. The most affected are the small islands, like Fiji, Vanuatu, and Palau, which didn’t manage to record any kind of recovery whatsoever.
Still, Dr. Mattoo is positive, stating that there are reasons to hope that things will improve shortly. First and foremost a vaccine against Covid-19 was developed, which will help countries contain the spread of the virus better than before. Then it is possible to notice a rapid development of technology, which is more and more effective in reaching people anywhere, at any time, and regardless of the situation. Last, but not least, the hardships that put the world to the challenge in the past year triggered a better collection action, as most understood that by joining powers recovery is possible at a faster rate. To get as close as possible to economic normality, countries from all cardinal points should come together, collaborating for the production, allocation, and approval processes. Unfortunately, this is not part of reality just yet.
China and the US have the power to make a difference, each by contributing in its way. China can be an important player in producing vaccines and test kits, for instance, increasing the supplies and helping other countries keep things in control better. The US, on the other hand, will stimulate the global economy by reviving the trade with various goods. However, there are also risks that we need to get ready for. Inequalities, for instance, which increase in past times, both within different countries and between countries, threaten to destabilize everything. Because of the disease, periods of lockdown, and differences regarding access to proper support and technology, inequalities were more visible than ever. Also, the efforts in reducing poverty were canceled to a certain degree by the economic challenges brought along by the pandemic. So, there are quite a few to consider, and work on, if we want to get back on track.
Learn more from link below,
https://www.straitstimes.com/business/economy/economic-recovery-in-asia-pacific-uneven-hinges-on-covid-19-vaccines-world-bank
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