Transformative Post-COVID-19 Trends and Growth Opportunities in ASEAN
COVID-19 Creating Transformational Growth Opportunities in ASEAN
Macroeconomic Growth Opportunities in Post-COVID-19 ASEAN covers the positive and negative impacts of the pandemic on the economy of 4 countries-Singapore, Malaysia, Thailand, and Indonesia. COVID-19 was declared a global pandemic by World Health Organization on 11 March, 2020 and is expected to severely impact the global economy. As of early June, 2020, there were more than 6 million positive cases of coronavirus and Thailand was the first country outside China to announce positive cases (on 13 January 2020).
The study forecasts the recovery scenario of each country's economy. It identifies aviation and tourism as the worst-hit sectors, due to global restrictions in movements. The impact has been positive on the ICT and medical devices industries, with a sudden spike in demand. The study outlines the corresponding economic trends and forecasts for the ASEAN countries.
Various strategic imperatives have been discussed, explaining how the countries can combat COVID-19. Impact of the oil price war inflicted by oil-importing countries in mid-April has also been analyzed.
All 4 countries have announced various stimulus packages worth billions of dollars over the course of the last few months to stabilize the economy. These packages were primarily directed toward saving and creating jobs, supporting SMEs, and helping individuals and households. The study also highlights the important monetary policy measures taken by the countries during COVID-19.
Major shifts in workforce, consumer behavior, and consumer spending have been witnessed, due to the pandemic. As a result, unemployment and poverty in underdeveloped and developing countries are additional concerns. A new normal in each country is set to follow post COVID-19, includes wearing masks and maintaining social distance.
Many countries are opening up their economy in phases, with strict regulations in place. Essential services, food outlets, and retail stores starting their businesses first. However, aviation and tourism are yet to pick up, as global movements are still restricted across countries. Most of the flights in operation are repatriation flights bringing back native citizens from various countries.
Frost & Sullivan continues to track market developments across sectors and geographies.