ASEAN nations should re-evaluate economy post Covid-19

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ASEAN regional bloc secretary general Datuk Lim Jock Hoi said that the member nations should reevaluate its economic path that is more inclusive, sustainable and digitally enabled post covid-19 economy.

In the  virtual conference of Covid-19 economic recovery plan series by CIMB Asean Research Institute (CARI) last Friday, Lim shared his insights on how this current health crisis and its socio-economic impact could provide the region with the much needed recalibration of its growth trajectory.

Lim said that the opportunity to recalibrate growth mainly comes from the midway point of the second Asean Economic Community (AEC) Blueprint 2025 as ASEAN evaluate its past progress and prepare plans for the future.

 The secretary general revealed that the region is at a critical period and is in the  final preparation stage of the Regional Comprehensive Economic Partnership (RCEP) towards its signing.

Lim also noted the acceleration of digital technology adoption as more and more people in the region are relying on the technology during the pandemic. He urged the Asean member states to embrace new technology and address the digital divide across the regional states. During the 36th Asean summit recently, the regional bloc also recognised the important role of the private sector in help the country’s economic recovery.

The Asean Business Advisory Council proposed to set up an Asean High-Level Special Commission to help with the decision making process with regard’s to the region’s post-covid-19 recovery.

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