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Braving the Storms: East Asia and Pacific Economic Update, April 2022

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Braving the Storms

Just as the East Asia and Pacific (EAP) region was weathering recurrent COVID storms, 3 new clouds have gathered over the economic horizon: financial tightening in the U.S., structural slowdown in China, and the war in Ukraine. These difficulties should not, however, obscure the new avenues for growth in the region through trade and innovation. The April 2022 issue of the World Bank’s EAP Economic Update suggests bold reforms to avert the risks and grasp the opportunities.



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EAP Economic Update
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COVID-19–RELATED POLICY ISSUES EXAMINED IN RECENT ECONOMIC UPDATES 

Previous updates have focused on a number of other policy issues, including:

(1) Vaccination to contain COVID-19;
(2) fiscal policy for relief, recovery, and growth;
(3) climate policy to build back better;
(4) smart containment of COVID-19, especially through non-pharmaceutical interventions like testing-tracing-isolation;
(5) smart schooling to prevent long-term losses of human capital, especially for the poor;
(6) social protection to help households smooth consumption and workers reintegrate as countries recover;
(7) support for firms to prevent bankruptcies and unemployment, without unduly inhibiting the efficient reallocation of workers and resources;
(8) financial sector policies to support relief and recovery without undermining financial stability; and
(9) trade reform, especially of still-protected services sectors—finance, transport, communications—to enhance firm productivity, avert pressures to protect other sectors, and equip people to take advantage of the digital opportunities whose emergence the pandemic is accelerating.
(10) creating opportunities for firms and ensuring inclusion to promote equitable growth.


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