Broad measures for Asia’s post-Ukraine war and Covid-19 pandemic recovery

The world is dealing with twin shocks of food and energy crises, including high prices of sunflower oil, from the War-in-Ukraine’s fallout. – AFP

RAISING taxes and thus revenues for governments, floating energy storages and great supply of biofuel, and managing “de-globalisation” for more equitable wealth distribution are some of the suggestions that Asian countries should pursue in the post-Ukraine War and Covid-19 recovery.

“Given recent history, I think many governments feel they need to be prepared for large shocks, and so should try to accumulate surpluses or reduce deficits in good years to make it more feasible to spend more in tougher times,” said Albert Park, Chief Economist at the Asian Development Bank.