We Need to Focus on Cross-Border Cooperation to Recover from the Pandemic
ADB Partnerships
Get the latest news on ADB’s cofinancing efforts and discover stories of partnerships that changed lives for the better.
When global mobility came to a stop in 2020, the Asia and Pacific regional economy suffered greatly. As countries recover slowly from the COVID-19 pandemic, regional cooperation and integration will play a critical role. ADB’s financing partnerships are working to expand trade and investments to jumpstart global and regional supply chains, and helping developing members recover jobs and lost livelihoods.
THE YEAR THE BORDERS CLOSED
The pandemic caused by the global spread of COVID-19 severely impacted big and small businesses that are dependent on connectivity and economic integration across Asia and the Pacific. One by one, countries rushed to close their borders and restricted mobility to contain the spread of the virus.
The often year-long stay-at-home measures sent demand and consumption plummeting, causing the regional economy to contract. By the end of 2020, Asia’s economy had contracted by?0.2%1, marking the first recession in the region in nearly 6 decades. Trade was adversely affected by the combined impact of the temporary closure of borders and disruptions in global and regional supply chains. Toward the end of the year, news of the development of vaccines sent a wave of optimism across the region.
DRUMMING UP LOCAL AND REGIONAL ECONOMY
ADB’s partners have been helping ADB developing members achieve greater connectivity, expand trade and investments across borders, and widen the market through more diversified goods. In 2020, cofinancing was committed for around?70?projects that promote regional cooperation and integration. Of these, 22 projects are related to ADB’s COVID-19 response.
Financing partners with the highest amounts of support to the regional cooperation and integration agenda were the?Asian Infrastructure Investment Bank, the?Government of Australia,?Japan International Cooperation Agency,?KfW, and?the World Bank.
THE WORK AHEAD
Regional connectivity that enables trade and businesses to thrive is a key ingredient to drive the post-COVID–19 economic recovery. As the pandemic is pushing more consumers online, small and big businesses alike have accelerated the adoption of e-commerce.
Potential areas of collaboration are digital infrastructures and widening access to mobile and internet networks, including ADB’s push to modernize?telecommunication and digital development in the Pacific.
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