Publication: Crisis and Recovery: Learning from COVID-19’s Economic Impacts and Policy Responses in East Asia
Other Files
112 downloads
Date
2023-07-11
ISSN
Published
2023-07-11
Author(s)
World Bank
Abstract
More than three years after the first
COVID-19 case was discovered in the East Asia and Pacific
(EAP) region, it is time to take stock of the lasting
effects—and opportunities—of the pandemic and identify which
policies may have helped stem the economic losses suffered
by households and firms. To do so, this regional report
examines the economic impact of the COVID-19 pandemic on
households and firms in six countries: Cambodia, Indonesia,
Malaysia, Mongolia, the Philippines, and Vietnam. This
volume examines: (a) the links between impacts on firms and
households, in particular through the employment channel,
and (b) governments’ fiscal responses to the COVID crisis,
through transfers, subsidies, and taxes. It identifies and
explains changes in household well-being by examining the
economic effects of the pandemic on labor markets. As the
source of employment and wage income, businesses have a
direct role in determining jobs and earnings, and,
indirectly, welfare, poverty, and inequality. When faced
with a shock, firms responded by adjusting employment,
reducing wages, increasing prices, and reducing services
provided. All of these channels directly affected
households’ wellbeing. For this reason, the report focuses
on firms in addition to households. Governments responded
through various instruments, providing transfers and
subsidies and lowering the tax burden to both households and firms.
Link to Data Set
Citation
“World Bank. 2023. Crisis and Recovery: Learning from COVID-19’s Economic Impacts and Policy Responses in East Asia. © Washington, DC: World Bank. http://hdl.handle.net/10986/39977 License: CC BY-NC 3.0 IGO.”