Asian Cooperation Needed to Overcome COVID-19
Covid-19 has stricken the world economy. Therefore, global collaborative initiatives need to be taken into consideration to address the downturn caused by the disease outbreak.
A pedestrian wears a protective facemask as he walks past a newly hung banner that reads "Coronavirus Global Response" in front of The European Union (EU) Commission building in Brussels, on May 6, 2020. - The EU forecast on May 5, 2020, that the eurozone economy would contract by a staggering 7.7 percent in 2020, warning the wreckage from the coronavirus outbreak could endanger the single currency.
Covid-19 has stricken the world economy. Therefore, global collaborative initiatives need to be taken into consideration to address the downturn caused by the disease outbreak.
International economic cooperation will be very important to manage the crisis and help economic recovery through trade channels, market stabilization, faster reopening of business supply chains and international travel. Without them, the world will face a prolonged health crisis, and the implication of that is prolonged economic stagnation on a scale not seen since the Great Depression of the 1930s.