Covid-19’s impact on personal finance in Asia was researched and written by Michael Frank and Sakshi Tokas of Economist Impact. Home Credit is the sponsor of this report. The analysis and conclusions herein are the work of Economist Impact and do not necessarily reflect the views of Home Credit.
The report’s authors would like to thank the following experts for sharing their time and insights as part of the research process:
• Sumit Agarwal, Professor of Finance, Economics and Real Estate and Low Tuck Kwong Distinguished Professor at the National University of Singapore
• Era Dabla-Norris, Division Chief of the Asian I Division in the IMF’s Asia Pacific Department and mission chief for Vietnam
• Steven Kidd, Professional Adviser at UNICEF UK
The impact has been profound in Asia, which has featured some of the world’s most stringent infection-control policies. Much of the regions’ workforce is employed in jobs requiring the physical presence of workers, such as agriculture and logistics. Many governments in the region lack the administrative capacity to deliver effective economic rescue packages directly to households. While recovery is likely to be hampered by higher global food and energy prices caused by Russia’s invasion of Ukraine, there is reason for hope as growth rebounds in the world’s most economically dynamic region.
This report delves into the pandemic’s impact on household finances and takes stock of the damage, focusing on developing countries in Asia, as well as the prospects for recovery.
