Across Asia-Pacific, SMEs are an important part of the economy in terms of production and employment generation. However, they found it difficult to participate in the world economy even before the COVID-19 pandemic and have been devastated further by it now. This webinar examined what opportunities SME globalization offers the region and how these have been affected by the Covid-19 pandemic. It also explored how public and private sectors can work together to help globalized SMEs become more resilient.

COVID-19 is driving economies into recession, putting many jobs at risk. Up to 242 million full-time jobs could be lost globally, with 70% of these in Asia and the Pacific. Informal employees in vulnerable sectors will be hard hit and many middle-skilled workers face being displaced into lower paying work. The pandemic will also spur a digital transformation of work and the workplace. Register with Carol Ongchangco.

Digital technology is reshaping many aspects of our daily lives and business practices, payment systems are not an exception. FinTech payments reinforce the benefits of earlier digital payment solutions (e.g., debit or credit cards) in terms of efficiency, convenience, and transparency. They also have the potential to advancing financial inclusion, as a substantial part of their customer base is comprised of previously unbanked or underbanked individuals, a group underserved by the earlier wave of digital payment solutions. Moreover, FinTech payments can create virtuous cycles with the e-commerce sector and MSMEs.

The COVID-19 pandemic and the corresponding economic recession put job security and well-being of over 91 million international migrants from Asia and the Pacific at risk. Official data show international remittances to developing Asian economies have plummeted in recent months. A substantial number of households in developing Asia—who depends on international remittances— could fall into poverty; particularly in the Pacific and Central/West Asia economies where dependency rates on remittance inflows are high.

The impact and experience with the COVID-19 pandemic and several major economic forces or trends in favor of greater intra-Asia production, trade and investment may have weakened the region’s preference or dependence on the global multilateral trade system, while increasing perceived risks of overdependence on long-distance value chains vulnerable to disruption anywhere along the ‘chain’.

The coronavirus disease (COVID-19) crisis is having strong and adverse effects on foreign direct investment (FDI) flows, with potentially long-term consequences for Asian economies. Short-term delays in the implementation of investment projects, and long-term adjustments from multinational enterprises to secure production resilience will impact the region’s investment potential.

The tourism sector is one of the hardest hit sectors by the COVID-19 pandemic. Millions of jobs in tourism and related industries have already been lost, threatening the livelihoods of countless households in the region. The webinar discussed strategies to revive tourism amid the pandemic. In particular, it explored opportunities offered by domestic tourism and travel bubbles as well as the limits and obstacles in implementation.

The COVID-19 pandemic has raised food security risks in Asia and the Pacific as strict quarantine measures and export bans on basic food items have affected all stages of food supply chains. Household food consumption and nutrition have been significantly affected by loss of jobs and income and limited access to food.

COVID-19 has impacted both demand and supply side of economy. Shrinking demand and value chain disruption can cause double whammy to the international trade landscape. This webinar discussed how much immediate impact of COVID-19 on trade will be and how the pandemic will affect the longer-term trade landscape, including on trade in services, and global value chain structures, along with appropriate policy responses at regional and global levels.

The pandemic could trigger a recession in a world economy that is already heavily indebted. Economic recessions imply lower corporate earnings and higher unemployment, exacerbating the risk of debt crisis. This webinar introduced a new study on “the impact of nonperforming loans in cross-border bank lending and implications for emerging market economies”, discussed the risk of financial contagion, and explored policy options to avoid a debt crisis during the COVID-19 crisis.

Past financial crises have demonstrated how adequate financial safety net arrangements—globally, regionally, and nationally—are vital to safeguarding financial stability. The unfolding COVID-19 pandemic threatens financial stability in the region. This webinar recast lessons of the past financial crises, discussed the role of regional financial safety nets and ADB’s crisis support facilities, and explored policy options to ensure regional financial stability and resilience moving forward.