Economic Impact of COVID-19 on Developing Asia: Ahmed Saeed, Vice President of the Asian Development Bank
Across the world, the COVID-19 outbreak has led to sharp declines in domestic demand and an almost complete halt to tourism and business travel. Trade and production linkages are under strain, and supply chains have been disrupted. Alongside the tragic human cost of the virus, it is clear that the economic impact will be severe.
In an initial analysis issued on 6 March, the Asian Development Bank (ADB) suggested that the outbreak could lead to a global impact of up to US$347 billion or 0.4 per cent of global GDP, with two-thirds of the impact falling on China, where the outbreak was initially concentrated.
Since then, the virus has spread beyond Asia to more than 100 countries, with Europe and the US now at the centre of the pandemic. Governments are developing stimulus packages to try to stave off the collapse of businesses and livelihoods, and many economists have suggested that the world economy has already fallen into recession. The economic impact of the pandemic and healthcare crisis could prove one of the biggest shocks in generations, with the ADB due to publish new estimates on this impact on 3 April.
Throughout this crisis, the ADB has been supporting its developing members in responding to the COVID-19 outbreak through finance, knowledge and partnerships. China, Indonesia and the Philippines are among countries that have received such support.
In this exclusive briefing for Asia House Corporate Members, Ahmed Saeed, Vice President of the Asian Development Bank will speak via video from Manila to share his views on the economic impact of the COVID-19 outbreak on developing countries in Asia, and the sectors that are most affected.
Mr Saeed took up post as Vice President of the ADB in February 2019, and oversees operations in East Asia, Southeast Asia and the Pacific. Prior to that, he was Managing Director and Head of Public Sector for Middle East, North Africa, and Pakistan at JP Morgan Chase in Dubai, UAE. He has also worked in the US Department of the Treasury as Deputy Assistant Secretary for the Middle East and Africa and as White House Fellow and Advisor to the Secretary of the Treasury. He has experience working with many governments, central banks, finance ministries, and sovereign wealth funds on a broad range of economic and financial issues.
This briefing is being held exclusively for Asia House Corporate Members as part of an ongoing series of digital events amid the coronavirus pandemic featuring senior officials in Asia.
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