The COVID-19 pandemic has disrupted economic activities and upended lives, tapering growth prospects around the world.
Across the region, the AMS have rolled out various measures to counter the impact of the pandemic. Stimulus measures included, among others, tax breaks, subsidies including targeted support and cash assistance, and moratoriums on loan payments and pension contributions. Central banks also lowered interest rates, reduced reserve requirements, and purchased government bonds.
The COVID-19 pandemic may lead to long-term and considerable economic implications.
To restore confidence and revive the economy, this Policy Brief prepared by the ASEAN Secretariat recommends that the ASEAN to consider the following policies:
(1) Mobilise all available macro, financial, and structural policy tool
(2) Preserve the economy’s productive capacity
(3) Keep the supply chains going
(4) Leverage on technologies and digital trade
(5) Strengthen social safety nets
(6) Scale up regional pandemic response
(7) Redouble the resolve to advance regional integration
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