COVID-19 and the Global Economy: Impact and Challenges - From Asia's Perspective

Abstract

It is a great honor to be invited to speak at the 62nd Annual Meeting of the National Association for Business Economics. The worldwide spread of the COVID-19 pandemic has had a severe impact on the global economy. People all over the world are coming together and making a concerted effort to deal with this economic shock. At the same time, we are seeing a global determination to overcome the current crisis and turn it into an opportunity to achieve future growth. This year's theme, "Global Reset? Economics, Business, and Policy in the Pandemic," addresses not just the current issues but also the medium- and long-term implications of COVID-19. From this perspective, I would like to talk today about the impact of COVID-19 on the global economy and the relevant medium- and long-term challenges, with a particular focus on Asia. Based on my experience as Vice Minister for International Affairs at the Ministry of Finance in Japan, President of the Asian Development Bank, and Governor of the Bank of Japan, let me explore how best to overcome the challenges posed by COVID-19 and bring the global economy back on the path to growth.