As a result of the coronavirus disease (COVID-19) outbreak that began in early 2020, global growth in 2020 fell by more than 5% (about 5% in Germany, 4.8% in Japan, and 3.5% in the United States, the sharpest decline since World War II. The only major world economy that registered positive growth in 2020 was the People’s Republic of China (PRC), which grew at slightly more than 2%. Moreover, goods export growth in dollar terms was positive in only three Asian economies: the PRC; Taipei,China; and Viet Nam.

This report provides an in-depth analysis of how members of the Asian Development Bank have dealt with the crisis and the measures they have taken. It also discusses how these measures have been financed, what central banks have done, and how the latter have coordinated their actions with the fiscal arm of the government to support the economy.

Contents

Introduction: COVID-19 and Its Impact
The ADB COVID-19 Policy Database
What Did Economies Do to Fight the COVID-19 Pandemic in 2020?
Quantitative and Qualitative Comparison of Packages for Selected Asian Countries
A Statistical Analysis of the Size of the Packages
How "Monetization" Really Works—Examples from Countries' Policy Responses to COVID-19
An Analysis of Changes in Sectoral Balances and Private Sector Financial Positions in 2020

Published May 2021
Source:  Asian Development Bank

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