A STUDY ON IMPACT OF COVID-19 ON PUBLIC FINANCE IN ASIA

Abstract

The purpose of this paper to highlight the impact of covid-19 on the government finance in East and South Asia. Covid -19 pandemic not only affect socio-economic life of the people but also the government finance on large scale. Number of countries in Asia, are developing and have been struggling hard to have sound fiscal policy. They have been suffering from many socio-economic issues and have less GDP as compared to western and European countries. Covid pandemic affected these nations badly as, almost every country in the year 2020 was in deficit and struggled hard to spend on the health of the people. Covid deaths, covid patient treatment made government spend too much unpredictably and in non-plan expenditure mode. The public finance in Asia was more affected by Covid-19. This all made Asia to suffer. Number of countries even borrowed from ADB, IDA, World bank to meet their health expenditures and had to manage their financial administration with difficulty. In this study, which is based on secondary and official data revealed the endeavour done to highlight the position of Asian countries featuring their public or government finance situation. Economic slowdown, social recovery increased their deficits ranking them low in global financial and HDI ranking