Economic View of The Pandemic COVID-19: An Asian Perspective Challenges and Suggestions Based on New Structural Economics Approach

Abstract

This study aims to provide a brief overview of the novel Coronavirus (COVID-19), which has spread to nearly 200 countries and regions worldwide but is still active. We are particularly concerned by the COVID-19 economic perspective, which presents an Asian perspective challenge. The COVID-19 scenario is continually unfolding, and this research draws on evidence from published studies and news outlets. To delve deeper into the subject, we categorize the economic impact into four groups: Central and West Asian countries, East Asian countries, South Asian countries, and Southeast Asian. The consequences are dire: lower exports, slowed international economic activity, lower inward demand, and lower local consumption. However, by addressing key challenges based on New Structural Economics (NSE) and employing the market's comparative advantage strategy, Asian economies can be well-positioned to pursue stable and efficient economic development. The primary goal of the examination is to determine the factor endowment and structure. Furthermore, we advocate for a facilitating state because its functions enable structural change through operating industrial strategy to mitigate market breakdowns and support industries by concealing comparative advantages in the market to achieve stability and dynamic development. As a result, Asian economies must embark on a path to state-friendly and market-driven development following COVID-19. COVID-19 has negatively impacted economies, especially in emerging nations. As a result, Asian economies must urgently implement measures that encourage both government intervention and good market practices in order to stimulate economic progress. This includes promoting structural transformation through industrial strategy, addressing market failures, and assisting industries in achieving market stability and encouraging dynamic growth by using their comparative advantages.