Open AccessReflections on the Economy of ASEAN countries in the face of the Covid-19 Pandemic
Author(s) -
Linh Benson,
Tienne Nhung
Publication year - 2021
Publication title -
journal of asian multicultural research for economy and management study
Language(s) - English
Resource type - Journals
ISSN - 2708-9711
DOI - 10.47616/jamrems.v2i1.74
Subject(s) - recession , quarter (canadian coin) , world economy , economics , pandemic , development economics , covid-19 , economic recovery , global recession , consumption (sociology) , economy , political science , geography , macroeconomics , infectious disease (medical specialty) , medicine , disease , archaeology , pathology , law , social science , sociology
This article discusses the Economic Reflections of Asean countries in facing the Covid-19 Pandemic in several Asean countries, namely Vietnam, Malaysia and Indonesia. Vietnam's economic growth was victorious, the economies of various countries in other Southeast Asian regions were battered by the corona virus. The process of economic growth is influenced by two kinds of factors, namely economic factors and non-economic factors. Economic factors, which are none other than production factors, are the main force affecting economic growth. Malaysia has proven to the world community that its country is capable of managing its economy even in challenging circumstances. He quoted the IMF as global economy recorded negative growth and in Indonesia it seems that contraction in income activities in some income classes is affected. In the second quarter there is a slowdown, then in the third quarter the savings are enormous. It could be that consumption, which has been a factor in economic growth, will be a challenge. In an effort to maintain economic stability during the Covid-19 pandemic. This reflects that the economies of ASEAN countries, even in the world, are currently under the same pressure due to the Covid-19 virus pandemic, the world economy this year will experience a recession.