Within Asia, North Asia countries such as China, Taiwan, and South Korea emerged from the crisis relatively quicker than the rest of the world due to better crisis management with the extensive use of technological surveillance and large scale testing. Higher fiscal spend and stabilization measures contributed to the faster rebound. Due to the more efficient crisis management, the amount of fiscal stimulus required in North Asia is likely to be much less than in most developed countries.
However, there are certain countries in Asia, for example, India, the Philippines and Indonesia that are still facing an uphill battle in controlling the virus. These countries have less fiscal flexibility, a larger unemployed population, and are likely to be more susceptible to a resurgence in new cases. READ MORE
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