If not for the escalation of conflict between Russia and Ukraine, ASEAN countries would likely have enjoyed an even bigger boost in economic growth after COVID-19 restrictions eased. Now, they must grapple with extra uncertainty caused by a crisis over 8,000 kilometers away.
Massive internal and external pressure has made stabilizing economic growth a top priority. China has made efforts to strengthen the supply chain and navigated a path towards economic globalization by opening wider to the world
Throughout April as China was involved in an all-out effort to contain Omicron in the financial hub of Shanghai, one of the area’s greatest advantages—a smooth and fast transportation and logistics network—partially devolved into a pain point hindering economic activity.
Over the years, China has achieved top market positions in a wide range of spheres including smartphones, e-commerce, semiconductor equipment, and new-energy vehicles, rendering the appeal of its domestic market a key element of its economic prowess.
A long push for a unified and open market has eventually crystallized into a national strategy. A catchphrase that quickly made the headlines has evolved into an indispensable facet of economic retooling amid the haze of domestic and global perplexity.
The Russia-Ukraine crisis is increasing inflation around the world, exacerbating the rift in globalization, and leaving policymakers with little space to maneuver