Tourism has been hit harder than most industries by the coronavirus pandemic. However, news that an effective vaccine could soon be available has raised hopes that a recovery may come sooner than expected.
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The Regional Comprehensive Economic Partnership (RCEP) was finally signed on Sunday November 15, on the sidelines of the annual summit of the Association of South-East Asian Nations (ASEAN). As well as marking a significant regional milestone, it is hoped that this deal will help its 15 signatories recover from the economic fallout of the coronavirus pandemic.
While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and – in some cases – accelerate their strategic plans.
Indonesia’s Omnibus Bill on Job Creation became law in October, with the government set to complete its implementation by the end of the year. While it has proved controversial in some quarters, many business leaders have welcomed this development, not least for its potential to help the economy offset the effects of the coronavirus pandemic.
Debt management has become a key challenge for many emerging markets as the coronavirus pandemic continues, with major creditors debating the suspension and perhaps even reduction of debt.