ABSTRACT
Prior to the outbreak of the coronavirus and its spread across China, then Asia and the world, the global economy was well placed to enter 2020 on a relatively strong footing. However, this promising start to the year was very quickly undermined by the rapid spread of COVID-19. Since then, the outbreak of COVID-19 has had a major economic impact on the ASEAN region and the wider global economy through its disruption to supply chains, impact on business and consumer confidence, rapid declines in tourism, trade, and investment, and most significantly through the very tight restrictions that governments have placed on the movement of people in order to contain its spread. This study provides an assessment of COVID-19’s impact on the ASEAN region. As part of this, we examine the key literature in the trade and development space for Asia, and ASEAN in particular. We also outline the impact of the pandemic from an economic and social perspective, with a particular emphasis on the issue of poverty. Projections are then drawn as to where the future may lie for ASEAN and how it may engender maximal recovery. From our analysis, we highlight the important role that vaccine management and leadership will play in this process. Moreover, we also note the need for greater transparency in policymaking and improved customs procedures so as to make it easy for countries such as China and the US to make new overseas foreign direct investments in the region.
