The Asian Development Bank conducted a Philippine enterprise survey during April and May 2020 to gauge the impact of the novel coronavirus disease (COVID-19) on the business community. This report provides a rich set of initial facts and ideas for the government to develop evidence-based policymaking to support the revival of Philippine enterprises hurt by the pandemic. It also provides survey-based information for current and future analytical use.

After a disappointing 2019, growth prospects in developing Asia have worsened under the impact of the current health crisis. Signs of incipient recovery near the turn of this year were quickly overthrown as COVID-19 broke out in January 2020 in the region’s largest economy and subsequently expanded into a global pandemic. Disruption to regional and global supply chains, trade, and tourism, and the continued spread of the outbreak, leave the region reeling under massive economic shocks and financial turmoil. Across Asia, the authorities are responding with policies to contain the outbreak, facilitate medical interventions, and support vulnerable businesses and households. Assuming that the outbreak is contained this year, growth is expected to recover in 2021. Especially to face down fundamental threats such as the current medical emergency, innovation is critical to growth and development. As some economies in developing Asia challenge the innovation frontier, many others lag. More and better innovation is needed in the region to sustain growth that is more inclusive and environmentally sustainable. Five key drivers of innovation are sound education, productive entrepreneurship, high-quality institutions, efficient financial systems, and dynamic cities that excite knowledge exchange. The journey to creating an innovative society takes long-term commitment and hard work.

The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD

Coronavirus disease (COVID-19) has unleashed unparalleled challenges. At the same time, it offers a window to rethink Asia’s most fundamental development policies and strategies to address inequality, socioeconomic vulnerability, and environmental challenges. This publication gathers blogs and short policy pieces contributed by ADB staff and experts in an attempt to tackle immediate challenges and prepare for what may lie beyond the horizon. It covers a broad range of development challenges and highlights the crucial role of rapid adoption of digital technologies, adequate supply of quality infrastructure, disaster risk management, and strengthening regional cooperation for a resilient and sustainable future by shaping post-pandemic conditions.

Two of America's leading national security experts offer a definitive account of the global impact of COVID-19 and the political shock waves it will have on the United States and the world order in the 21st Century. “Informed by history, reporting, and a truly global perspective, this is an indispensable first draft of history and blueprint for how we can move forward.” —Ben Rhodes The COVID-19 pandemic killed millions, infected hundreds of millions, and laid bare the deep vulnerabilities and inequalities of our interconnected world. The accompanying economic crash was the worst since the Great Depression, with the International Monetary Fund estimating that it will cost over $22 trillion in global wealth over the next few years. Over two decades of progress in reducing extreme poverty was erased, just in the space of a few months. Already fragile states in every corner of the globe were further hollowed out. The brewing clash between the United States and China boiled over and the worldwide contest between democracy and authoritarianism deepened. It was a truly global crisis necessitating a collective response—and yet international cooperation almost entirely broke down, with key world leaders hardly on speaking terms. Colin Kahl and Thomas Wright's Aftershocks offers a riveting and comprehensive account of one of the strangest and most consequential years on record. Drawing on interviews with officials from around the world and extensive research, the authors tell the story of how nationalism and major power rivalries constrained the response to the worst pandemic in a century. They demonstrate the myriad ways in which the crisis exposed the limits of the old international order and how the reverberations from COVID-19 will be felt for years to come.