Economic Policy Responses to COVID-19 of the Northeast Asia Countries

Once at the epicenter of original source coronavirus spread, governments China, Republic Korea and Japan introduced immediate administrative measures to isolate population, which helped effectively contain spread COVID-19 on their territory. The review shows that in first half 2020, due policy isolation these Northeast Asia countries, there was a contraction economies. subsequent dynamics economic growth three countries indicated structural differences In face recession during pandemic, are applying stimulating policies, with having largest public spending respect its GDP, followed by China. support for economy is focused fiscal measures, – monetary macro-financial combination policies’ various measures. context decrease mid-term estimates indicate will be able maintain positive rates while investment supporting green digital technologies, including through policy. These could have short- medium-term impact economies countries. However, purpose localizing pandemic large expenditures contribute further debt, thereby reducing national savings rate, restraining long term