In comparison with the SARS outbreak in 2003, the recent COVID-19 pandemic has caused a more synchronized decline in the GDP growth of China and ASEAN countries. This week’s ‘Chart of the Week’ focuses on the comparison between the economic impacts of China and ASEAN nations during the two pandemics.
- The economic impact on China during COVID-19 is much higher than that of SARS, whereas ASEAN is likely to experience a similar impact during COVID-19 as during SARS.
- Increased regional integration and connectivity of ASEAN countries has caused the rapid spread of COVID-19 within the region. As China and ASEAN countries are now increasingly interconnected, a synchronized decline in GDP growth was observed from the beginning of COVID-19 pandemic.
- The consumption linkage between China and ASEAN countries has evolved, which has enhanced the economic synchronism of these two areas.
- The value chain linkage between China and ASEAN has strengthened in recent decades, and the increasingly integrated production networks contribute to greater economic impacts of COVID-19.
By LI Changtai