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Has COVID-19 Killed Asia’s Growth Miracle?

Asian economies must now continue to pursue catch-up growth, deeper regional integration, and further globalization in a much-changed and far tougher environment. Countries with large domestic markets will be especially tempted to localize production, potentially spelling the end of global supply chains.

SINGAPORE – For decades, most Southeast Asian economies climbed the income ladder by pursuing a growth strategy based on ramping up investment in export-oriented manufacturing and services, relentlessly upskilling their domestic workforces, and leveraging technological advances.