Building a Resilient Future for Asia after COVID-19: How can ADB help?

By Yasuyuki Sawada, Chief Economist and Director General, Economic Research and Regional Cooperation Department, Asian Development Bank, Cyn-Young Park, Director for Regional Cooperation and Integration, Economic Research and Regional Cooperation Department, Asian Development Bank, Rolando Avendano, Economist, Economic Research and Regional Cooperation Department, Asian Development Bank


This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.


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The latest estimates of the COVID-19 impact paint a grim picture of severe economic and job losses for developing Asia. ADB’s latest study estimates that the pandemic could cost the region from 6.2% to 9.3% in lost regional GDP, depending on whether it entails a 3-month or a 6-month containment scenario. This effect accounts for 30% of the expected overall decline in global output. The region is also expected to take the brunt of employment losses: the study projects losses from 6.0% (109 million) to 9.2% (167 million) of total employment, representing 70% of global employment losses. The shock is estimated to be seven times higher than during the global financial crisis.

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On Deaton and development: consumption, poverty and well-being

By Marcelo Neri, Director of FGV Social, Professor at EPGE-Fundação Getulio Vargas, Former Brazilian Minister of Strategic Affairs, Executive Secretary of the CDES Council for Economic and  Social Development and President of Ipea Institute for Applied Economic Research

The Royal Sweden Academy of Sciences titled Angus Deaton’s Nobel prize “Consumption, Poverty and Welfare.” The evaluation commission organised Deaton’s scientific contributions during the last 40 years under three headings: i) demand models for groups of consumption expenditures, such as food, housing, etc., that already had earned  his mentor, Sir Richard Stone (1913-1991), a Nobel in 1984; ii) the study of the choice between consumption and saving, which was the object of the prizes awarded to Franco Modigliani (1918-2003) in 1985 and Milton Friedman (1912-2006) in 1976; and iii) studies about “poverty” and “welfare” that already had conferred Amartya Sen with a Nobel in 1998. I would include a fourth element of Deaton’s work, not cited by the commission, on “subjective indicators and well-being” for which Daniel Kahneman earned a Nobel in 2002.

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