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Pacific Currents

Pacific Currents is a discussion forum on Asia-Pacific economic issues. We welcome submissions from all stakeholders including academics, researchers, thought-leaders, civil society, business leaders; and other policy experts. Submissions should cover issues related to economic policy and integration in the region. Articles should be written for a general audience and not technical but should have a foundation in objective policy analysis. Articles should also conform with PECC nomenclature - if you are not familiar, the editor will provide you with appropriate guidelines. Acceptance of articles is entirely at the discretion of the Editor. Articles should be in an op-ed format of around 1000 words but longer submissions are also occasionally accepted. Submissions are done in the name of the author and represent their individual opinions and not those of the institutions that they work for. To submit an article, please send in Word format to: info@pecc.org

COVID-19 and the ‘zoom’ to new global value chains

Christopher Findlay, Honorary Professor of Economics at the Crawford School of Public Policy, the College of Asia and the Pacific, The Australian National University; Vice-Chair, Australian National Committee for Pacific Economic Cooperation

Fukunari Kimura, Chief Economist of the Economic Research Institute for ASEAN and East Asia (ERIA) and Professor of Economics at Keio University.

Shandre ThangaveluVice President of the Jeffrey Cheah Institute on Southeast Asia at Sunway University and Regional Director Southeast Asia at the Institute for International Trade, University of Adelaide.

 

COVID-19 has sent shock waves running up and down global value chains (GVCs). Social distancing and high levels of uncertainty have caused a significant drop in demand for goods, with GVCs carrying the economic shock through supplier economies. 

Recovery from the shock is anticipated once COVID-19 cases fall below a certain level, but financial fragility are likely to linger from the large negative wealth effects caused by the pandemic. Several stages of fiscal and monetary policy stimulus are likely to be introduced over the coming months across many economies.

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