The Impact of Covid-19 on the Economy of Selected Asian Countries
DOI:
https://doi.org/10.25115/eea.v39i10.5736Keywords:
Covid-19, economic impact of Covid-19, Asian economy, fiscal responsesAbstract
This study aims to discuss the impacts of Covid-19, which emerged in China in December 2019 and has affected the whole world in a short time, through some selected Asian countries. Covid-19 is not only an epidemic that has an impact on health but also an epidemic that has deeply shaken the country's economies and pushed them into crisis. Like all countries of the world, Asian countries have been affected by this outbreak. The countries that made up the sample of our study (South Korea, Singapore, Vietnam and Taiwan) responded very quickly to Covid-19 and were cited as examples all over the world due to their success at the beginning of the outbreak. In this study, it was discussed how these epidemiologically successful countries react economically. Comparative analysis method and descriptive analysis method were used in the study. The study discussed the effects of Covid-19 on GDP, unemployment, inflation and foreign tradeDownloads
References
Baldwin, R. & Weder Dı Mauro, B. (2020). Introduction. In Baldwin Weder di Mauro (eds) Economics in the time of COVID-19. London, UK: CEPR Press.
Baptist, C. & Befani, B. (2015). Qualitative comparative analysis – A rigorous qualitative method for assessing impact. https://www.betterevaluation.org/sites/default/files/Qualitative-Comparative-Analysis-June-2015%20(1).pdf
Bartsch, S., Gorham, K., & Lee, Bruce Y. (2015). The cost of an ebola case. Pathogens and Global Health, 109(1), 4-9.
Bekkers, E. & Koopman, Robert B. (2020). Simulating the trade effects of the COVID-19 pandemic. World Economy, 8 : 10.1111/twec.13063. doi: 10.1111/twec.13063
Bianchi, F., Bianchi, G., & Song, D. (2021). The long-term impact of the COVID-19 unemployment shock on life expectancy and mortality rates (No. w28304). National Bureau of Economic Research.
Boissay, F. & Rungcharoenkıtkul, P. (2020). Macroeconomic effects of Covid-19: An early review. No 7 BIS Bulletin.. At: www.bis.org (accessed September 1, 2020).
Boneva, T., Golin, M., Adams-Prassl, A., & Rauh, C. (2020). Inequality in the impact of the coronavirus shock: Evidence from real time surveys (13183). Institute of Labor Economics Discussion Paper Series. https://www.zora.uzh.ch/id/eprint/189496/
Brahmbhatt, M. & Dutta, A. (2008). On SARS type economic effects during infectious disease outbreaks. Policy Research Working Paper (4466)
Brainerd, E. & Siegler, M. (2003). The economic effects of the 1918 influenza epidemic. CEPR Discussion Paper No. 3791.
CCSA (2021). How COVID-19 is changing the world: a statistical perspective Volume III. https://www.wto.org/english/tratop_e/covid19_e/ccsa_publication_vol3_e.pdf
Chang, M. & Yeh, J. (16 February 2020). "WUHAN VIRUS/Taiwan reports first death from coronavirus infection (update)". https://focustaiwan.tw/society/202002160012.
Chen, C., Shi, Y., Zhang, Z. & Ding, C. (2021) A cross-country comparison of fiscal policy responses to the COVID-19 global pandemic, Journal of Comparative Policy Analysis: Research and Practice, 23(2), 262-273. DOI: 10.1080/13876988.2021.1878885
Chen, H., Shi, l., Zhang, Y. Et al. (2021). A cross-country core strategy comparison in China, Japan, Singapore and South Korea during the early COVID-19 pandemic. Global Health, 17, 22. https://doi.org/10.1186/s12992-021-00672-w
Chen, W. & Kao, E. (21 February 2020). WUHAN VIRUS/Taiwan confirms 1st Wuhan coronavirus case (update). https://focustaiwan.tw/society/202001210019.
Cheng, H.Y. et al. (2021). Timely case detection and quarantine, January to June 2020. J Formos Med Assoc. 120(6): pp. 1400-1404. doi: 10.1016/j.jfma.2020.10.023. Epub 2020 Nov 2. PMID: 33191093; PMCID: PMC7605820.
Clemente-Suárez V. J. et al. (2021). The impact of the COVID-19 pandemic on social, health, and economy. Sustainability, 13(11), 6314. https://doi.org/10.3390/su13116314
Delivorias, A. & Scholz, N. (2020). Economic impact of epidemics and pandemics. EPRS-European Parliamentary Research Service. https://www.europarl.europa.eu/RegData/etudes/BRIE/2020/646195/EPRS_BRI(2020)646195_EN.pdf
Dobson, A. P. & Carper, E. R. (1996). Infectious diseases and human population history: throughout history the establishment of disease has been a side effect of the growth of civilization. Bioscience, 46, 115–126.
Farayibi, A., & Asongu, S. (2020). The economic consequences of the Covid-19 pandemic in Nigeria. European Xtramile Centre of African Studies, WP/20/042 (2020).
Faulds, T. & Bridel, W. (2009). Considerations for the development of a pandemic scenario. Ottawa: The Canadian Institute of Actuaries-Committee on Risk Management and Capital Requirements.
Ferguson, N. M. et al (2020). Impact of non-pharmaceutical interventions (Non-Pharmaceutical Interventions) to reduce COVID-19 mortality and healthcare demand. Imperial College London. doi: 10.25561/77482
Geddie, J. Y. & Aravindan, A. (18 September 2020). Why is Singapore's COVID-19 death rate the world's lowest. Reuters. Retrieved 25 May 2021.
Gorain, B. et al. (2020). Fighting strategies against the novel coronavirus pandemic: Impact on global economy. Front. Public Health, 8. https://doi.org/10.3389/fpubh.2020.606129
Habicht, M. E., Pate, F. D., Varotto, E., & Galassi, F. M. (2020). Epidemics and pandemics in the history of humankind and how governments dealt with them A review from the Bronze Age to the Early Modern Age. Rivista Trimestrale Di Scienza Dell’Amministrazione, 2. http://rtsa.eu/RTSA_2_2020_Habitch.pdf.
Hacker, M. (2004). Macroeconomics of HIV/AIDS. Washington DC: The International Monetary Fund.
Hays, J. N. (2005). Epidemics and pandemics: Their impacts on human history, ABC-CLIO Inc: California
ILO (2020). The impact of the COVID-19 pandemic on jobs and incomes in G20 economies. Retrieved from: https://www.ilo.org/wcmsp5/groups/public/–-dgreports/–-cabinet/documents/publication/wcms_756331.pdf
ILO (2021a). World employment and social Outlook: Trends 2021. Geneva: International Labour Office. https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_795453.pdf
ILO (2021b). Monitor: COVID-19 and the world of work. Seventh edition Updated estimates and analysis. Retrieved from: https://www.ilo.org/wcmsp5/groups/public/@dgreports/@dcomm/documents/briefingnote/wcms
IMF (2020). A crisis like no other, an uncertain recovery World Econ. Outlook Update (2020).
Kessler, R. (2020). SARS: The first pandemic of the 21st Century”, https://www. ecohealthalliance.org/2018/03/sars.
Köse, Z. (2020). COVID-19’un küresel ekonomiye etkileri. In Erdal Şen, Duygu Hıdıroğlu and Osman Yılmaz (Eds.) Kovid-19 Pandemisinde Yönetim ve Ekonomi (pp.43-66). Gazi Kitabevi: Ankara
Kwang-Yeong, S. (2021). The pandemic of the COVID-19 and its impacts on work and life in South Korea. http://library.fes.de/pdf-files/bueros/seoul/17336.pdf
Lee, D. & Choi, B. (2020). Policies and innovations to battle Covid-19 –A case study of South Korea. Health Policy and Technology, 9, 587–597.
Lee, J-W. & Mckibbin, W. J. (2004). Globalization and disease: The Case of SARS. Asian Economic Papers 3(1), 113-131.
Lindahl, J. F. & Grace, D. (2015). The consequences of human actions on risks for infectious diseases: a review. Infect. Ecol. Epidemiol. 5:30048. doi: 10.3402/ iee.v5.30048
Mackellar, L. (2007). Pandemic influenza: A review. Population and Development Review, 33(3), pp. 429-451.
Maital, S. & Barzani, B. (2020). The global economic impact of Covıd-19: A summary of research. Samuel Neaman Institute: Haifa
Maliszewska, M., Mattoo, A., & Van Der Mensbrugghe, D. (2020). The potential impact of COVID-19 on GDP and trade: A preliminary assessment, Policy Research Working Paper 9211, The World Bank
Min-Hua, C. (2020, June). Taiwan’s economy amid COVID-19 challenges. EAI Background Brief No. 1536. EAIBB 1536-Taiwan's economy and COVID-19 (nus.edu.sg)
Mohamed, H. A. (2021). A literature review: The impact of Covid-19 pandemic on Somaliland economy. Open Journal of Social Sciences, 9, 54-64. DOI:10.4236/jss.2021.92004
Noy, I., Doan, N., Ferrani, B. & Park, D. (2020). Measuring the economic risk of COVID-19. Global Policy, 11(4), 413-423. https://doi.org/10.1111/1758-5899.12851
OECD. (2020). Economic outlook. https://www.oecd.org/economy/surveys/korea-2020-OECD-economic-survey-overview.pdf
Padhan, R. & Prabheesh, K. P. (2021). The economics of COVID-19 pandemic: A survey”, Economic Analysis and Policy,70, 220-237. https://doi.org/10.1016/j.eap.2021.02.012.
Patiño, L. D. F. et al. (2020). Non-pharmaceutical interventions for containment, mitigation and suppression of COVID-19 infection. Colombia Medica (Cali), 51(2), e-4266. http://doi.org/10.25100/cm.v51i2.4266
Perry, J. & Sayndee, T. D. (2016). Social mobilization and the Ebola virus disease in Liberia. Rowman & Littlefield.
Piret, J. & Boivin, G. (2021). Pandemics throughout history. Front. Microbiol. 11:631736. doi: 10.3389/fmicb.2020.631736
Robalino, D. A. Jenkins, C. & Marufi, EL K. (2002a). The risks and macroeconomic effect of HIV / AIDS in the Middle East and North Africa: Why is it costly to expect to intervene?. Washington DC: World Bank
SıddIqui, K. (2020). The impact of Covid-19 on the global economy. worldfinancialreview.com
Su, S-F. & Han, Y-Y. (2020). How Taiwan, a non-WHO member, takes actions in response to COVID-19. J Glob. Health, 10(1), 010380.
Szmigiera, M. (2021). GDP loss due to COVID-19. https://www.statista.com/statistics/1240594/gdp-loss-covid-19-economy/
Tan , J., Cook , M., Logan, P., Rozanova , L., & Smith, A. (2021). Singapore’s pandemic preparedness: An overview of the first wave of covıd-19. International Journal of Environmental Research and Public Health, 18(252), 2-21. doi:https://doi.org/ 10.3390/ijerph18010252
TCDC (2020). Taiwan timely identifies first imported case of 2019 novel coronavirus infection returning from Wuhan, China through onboard quarantine; Central Epidemic Command Center (CECC) raises travel notice level for Wuhan, China to Level 3: Warning. https://www.cdc.gov.tw/En/Bulletin/Detail/pVg_jRVvtHhp94C6GShRkQ?typeid=158
Tran, B. Z. et al. (2020). Impact of COVID-19 on economic well-being and quality of life of the Vietnamese during the national social distancing. Front. Psychol. 11:565153. doi: 10.3389/fpsyg.2020.565153
UN (1960). World Economic Survey 1959, New York: United Nations Department of Economic and Social Affairs.
UN ESCAP (2021). Economic and social survey of Asia and the Pacific 2021 towards post-Covid-19 resilient economies. Bankok: United Nations publication
VietnamCredit, H. T. (2019). Vietnam Economy Heavily Depending on China. Available online at: https://vietnamcredit.com.vn/news/vietnam-economy-heavily-depending-on-china_13568 (Accessed July 10, 2020).
Vo, Thuy D. & Tran, Manh D. (2021). The Impact of Covid-19 Pandemic on the Global Trade. International Journal of Social Science and Economics Invention, 7(1), 1-7. https://doi.org/10.23958/ijssei/vol07-i01/261
World Bank Group (2020). Pandemic preparedness financing status update. https://apps.who.int/gpmb/assets/thematic_papers/tr-4.pdf
WHO (2003). Emergency preparedness, response. summary of probable SARS cases with Onset of illness from 1 November 2002 to 31 July 2003. http://www.who.int/csr/sars/country/ table2004_04_21/en
WHO (2019). Non-pharmaceutical public health measures for mitigating the risk and impact of epidemic and pandemic influenza. Licence: CC BY-NC-SA 3.0 IGO.
WHO (2016). After Ebola in West Africa—unpredictable risks, preventable epidemics. Special Report. Ebola Response Team. https://www.who.int/ebola/publications/nejm-after-ebola.pdf
Xin Lin, C. (2021). COVID-19 and trade: Simulated asymmetric loss. Journal of Asian Economics, 75, 101327. https://doi.org/10.1016/j.asieco.2021.101327
Additional Files
Published
Versions
- 2021-10-18 (2)
- 2021-10-14 (1)