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The Impact of COVID-19 on Asia and the Future of Global Supply Chains

In: Impact of COVID-19 on Asian Economies and Policy Responses

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  • Bert Hofman

Abstract

The world economy is gradually coming out of the great lockdown. Overall, East Asian countries seem to have done better in managing the epidemic than most Western countries. The differences between East and West are so large that a data issue, which undoubtedly play a role, cannot be the full explanation (Figure 1). Some countries that, according to the Global Health Index were among the most prepared in the world, such as the US, the UK, and Sweden fared poorly compared to Asian countries. Deaths from COVID-19 per million and number of cases per million is a factor 10 to a 100 higher in Western countries than in East Asian countries. Some structural factors such as age and co-morbidities can explain some of the difference. Nevertheless, a lot seems to come down on the different approaches governments around the globe took, how fast they took action, and how rapid people changed their behavior, even before government measures made them do so…

Suggested Citation

  • Bert Hofman, 2021. "The Impact of COVID-19 on Asia and the Future of Global Supply Chains," World Scientific Book Chapters, in: Sumit Agarwal & Zhiguo He & Bernard Yeung (ed.), Impact of COVID-19 on Asian Economies and Policy Responses, chapter 18, pages 131-139, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811229381_0018
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    More about this item

    Keywords

    COVID-19; Pandemic; Coronavirus; Lockdowns; Supply Shock; Demand Shock; Financial Distress; Global Value Chain; Global Supply Chains; Public Policy; International Trade; Debt; Post-COVID-19; Liquidity Crisis; International Trade; Policy Response; Policy Uncertainty; Public Health; Big Data; Pandemic Dilemma;
    All these keywords.

    JEL classification:

    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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