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The outbreak of COVID-19 in 2020 has hurt Asian economies in a significant way. With no exception, every Asian economy suffers the loss of lives and livelihood. This pandemic has continued into 2021 with some Asian economies, such as India, experienced rapid growth in the new cases and death. Along with the development and administration of vaccines, macroeconomic policies have been implemented in Asian economies to support the livelihood of its people, such as, welfare payment, business supporting grants, and employment supporting schemes, and etc.
The essay should focus on a selected economy in Asia as covered in this unit – namely, Japan, India, South-East Asia, and China, and discuss the economic implications of COVID-19 on that economy and macroeconomic policy responses
The essay should describe, using figures and data, the negative impacts of COVID-19 on the economy, for example, GDP, Income, Employment, Trade, Government Budget Deficit, and National Debts. The Essay should then discuss the economic rational of the (fiscal and monetary) policy responses implemented by this economy and use data and figures to evaluate the effectiveness of policy responses in that economy.
Extra marks will be given to an essay which conduce an international comparison on the effectiveness of policy responses.
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