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Reforms for Recovery: East Asia and Pacific Economic Update, October 2022

Cover Picture EAP Econ Update

Reforms for Recovery

The East Asia and Pacific (EAP) region, with some exceptions, is growing faster and has lower inflation than most other regions. However, looking ahead, there are three risks to inclusive and sustainable growth: global deceleration, increasing debt, and policy distortions. The October 2022 issue of the World Bank’s EAP Economic Update argues that more efficient policies could help households and firms cope with current difficulties without undermining long-term growth.



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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;
(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; and
(11) policies to encourage technology diffusion and adoption.