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Rapid growth since independence has enabled Malaysia to become an upper middle-income country. It boasts a gross national income per capita of close to $11,000, with the share of households living below the national poverty line at less than 1%. From an economy dominated by the international trade of raw natural resources, Malaysia has diversified its exports to include electrical appliances, electronic parts and components, palm oil, and natural gas. More recent efforts have focused on improving competitiveness. The country ranked 27th in the Global Competitiveness Index for 2019. In the same report for 2020, Malaysia was among the top 10 advanced countries on digital transformation.

Following steady growth over recent years, Myanmar's economy decelerated in the 2020 financial year due to containment measures related to the coronavirus disease (COVID-19) that disrupted business operations, constrained production, reduced consumption, slowed investment, and deterred trade. The pandemic caused loss of income, particularly among the poor and vulnerable groups of the population, and weighed heavily on the country's poverty reduction efforts. Achieving political stability, maintaining fiscal sustainability, and controlling the pandemic will be critical for getting Myanmar's economy back on track. Since reengaging with Myanmar in 2012, the Asian Development Bank (ADB) supported the country's national strategies and priority programs in collaboration with other development partners.

Niue is one of the world's smallest countries, with a land area of 259 square kilometers and an estimated population of 1,862 in 2019. Tourism development has been the country's main driver of economic growth, with improved flight connectivity, accommodation facilities, and destination marketing contributing to an increase in visitor arrivals from about 2,000 in 2005 to 11,000 in 2019. At more than six visitors for every resident, Niue has one of the highest tourist–to–population ratios globally. Meanwhile, fiscal discipline, paired with large and predictable inflows of overseas development assistance, have helped provide macroeconomic stability for the Government of Niue. The country does, however, face significant challenges in achieving sustained socioeconomic development. In proportionate terms, Niue has experienced the largest population decline of any country in recent history—the resident population was 5,194 people in 1966—and travel restrictions associated with the coronavirus disease (COVID-19) pandemic are having profound impacts on the country's tourism-dependent economy.

With a landmass of 2,934 square kilometers spread across two main islands (Savaii and Upolu) and several smaller ones, Samoa is dependent on fisheries and agricultural products for exports while importing most of its fuel and commodities. Approximately 70% of the population lives in rural areas and the majority of the workforce is engaged in subsistence activities. Core development constraints include geographic isolation, capacity constraints in the public and private sectors, and high exposure to natural disasters and the effects of climate change. The Asian Development Bank (ADB) has assisted Samoa since 1966, with investments in critical infrastructure and support for policy reforms, public financial management, and increased climate resilience. Samoa has made strong progress on achieving development priorities relating to poverty, gender, health, education, and environmental sustainability.

Thailand's economic progress has centered largely around international trade and tourism. As such, the country's economy has been severely impacted by restrictions to movement brought on by the coronavirus disease (COVID-19) pandemic. Thailand's efforts to manage the pandemic and its impacts have been highly commendable. The Government of Thailand has launched several stimulus packages in a phased manner to cushion the effects of the pandemic on the country's prosperity and its people. The Asian Development Bank (ADB) stands ready to extend the necessary support and collaboration with Thailand in responding to health, social and economic impacts due to the COVID-19. In June 2020, ADB approved a $1.5 billion loan to Thailand under the Countercyclical Support Facility COVID-19 Pandemic Response Option (CPRO) for the COVID-19 Active Response and Expenditure Support Program.

Indonesia was a founding member of the Asian Development Bank (ADB) in 1966. Today, the country is ADB's sixth largest shareholder and one of its largest sovereign borrowers. Indonesia has made remarkable development strides in the 21st century, including sustained economic growth and significant reductions in poverty. An upper middle-income country, Indonesia aspires to be a high-income country by 2045, while avoiding the middle-income trap. The country's progress is, however, at risk of reversal because of the impacts of the coronavirus disease (COVID-19) pandemic on lives and livelihoods. Public health measures and expanded social and economic assistance are among the near-term priorities. Then, as part of a sustainable economic recovery, Indonesia must overcome its longstanding development challenges, including developing human capital, boosting competitiveness, managing climate change and disaster risks, and achieving environmental sustainability.

The travel and tourism sectors have become the most vulnerable sectors to the COVID-19 pandemic. Studies have shown that most tourist-destination countries will experience economic shocks due to the pandemic. This study analyses the impact of the COVID-19 pandemic shock and the implications of policies taken by the government to strengthen the travel and tourism sectors. As the largest travel and tourism economy in ASEAN, this study uses Indonesia as a case study. It uses a computable general equilibrium (CGE) model using a detailed national input–output table for the creative sectors. The study develops baseline scenarios (low and lower-middle recovery), general policy scenarios (moderate and highly effective support) and specific policy scenarios for the travel and tourism sectors. Through changes in export demand, the impact of the pandemic depends on the existing conditions and policy interventions. The pandemic causes the nominal gross domestic product at the national level to decline by an interval of [–1.99%, –2.97%] and for tourism and travel sectors by [–6.81%, –10.38%] depending on the recovery period. If the recovery is low (all annual inbound tourism expenditure is removed), the Indonesian macroeconomy will be worse than under the lower-middle recovery, given the same government intervention. Thus, effectiveness becomes an important factor for creating a better impact. Adding capital stimulus into the tourism sector helps to further reduce output decline in the travel and tourism sectors, but it is not enough to help the economy recover from the pandemic. The best policy strategy is to make sure that the mitigation plan will be implemented effectively.

This report summarizes the last round of the surveys on the impact of COVID-19 on MSMEs in the tourism sector in Cambodia, which were conducted in April 2021, and it provides an update on the situation described in the July 2020, and November 2020 reports. In all three rounds, the surveys focused on the following issues: • MSME operations, and the impact on revenues since July 2020; • Changing perceptions about whether businesses will survive; • Trends that MSMEs have observed in both international and domestic tourists/travelers; • MSMEs' staffing situation and layoffs; • MSMEs' perceptions of government interventions; and • MSMEs' adaptation to the "New Normal." Since this is a wrap-up report on MSMEs in the tourism sector, it reflects the situation since July 2020, and provides recommendations for government policy. The report compares the results across the three survey rounds, and draws conclusions regarding how COVID-19 has affected tourism sector MSMEs in different regions of Cambodia. It also analyzes trends in the broader context of Cambodia's public health and economic situation. Based on its analyses, this report offers specific recommendations regarding how the government could explore ways to respond in the short and long term, specific groups requiring greater attention/targeting, and how the governance arrangements of the state's responses could be improved.

The number of international travelers1 increased by 538.3% in August 2021, compared to the same period of 2020, and declined by 77.3% compared to the same period in 2019. Meanwhile, the number of international visitors2 increased by 510.5% (2021/2020) and declined by 75.5% (2021/2019), and the number of international tourists3 increased by 615.2% (2021/2020) and declined by 67.2% (2021/2019).

Rice has dominated Philippine food security and agricultural policy for the last century. Policies have focused on government control of rice trade, particularly of imports, implemented through import licensing and quotas, buffer stocking and industry regulation executed by the parastatal National Food Authority (NFA). Since the early 1980s, many analysts have pointed out the rent-seeking and inefficiencies spawned by the restrictive trade and regulatory regime in Philippine agriculture, particularly on rice.2 International finance institutions and some Philippine policymakers have also attempted to liberalize the rice sector by eliminating import licensing and transforming quotas to tariffs. However, all such efforts failed until 2019. The earlier attempts were unsuccessful, largely due to the broad and persistent political weight and resistance of the NFA, as well as of various groups that were captive to the regulatory regime. Finally, on 5 March 2019, Republic Act 11203 was passed. The act allowed the deregulation of rice trade and domestic commerce by cutting down the monopoly powers of the NFA and replacing quantitative restrictions (QRs) on rice imports with tariffs. How was the reform of Philippine rice sector policy finally achieved, after decades of failed reform efforts? An earlier paper (Tolentino and de la Pena, 2011) explored the various and multiple attempts at rice policy reform over the period 1980–2009 and the political economy factors that stymied the reform efforts. This paper updates the story, documenting: (a) the most important features of rice policy and its impact on the Philippines prior to 2019, and (b) how the entire economic decision-making cluster of the Philippine cabinet (including the Department of Finance and the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), backed by a popular President, and a collaborative legislature finally enabled rice sector deregulation and import tariffication in the period from 2018-2019.

Budget 2020 is called 'Rebuilding Together'. If the country is going to recover together from COVID-19, the rebuilding will need to include rural communities. The Minister of Finance's Budget speech referred to targeted support for wages, critical industries, economic sectors, students and investment. The government can also target support to the rural communities that need it most by knowing more about them. This Insight looks at two sources of differences among rural communities: the structure of local economies and community resilience. The analysis identifies places that are likely to need a greater share of support in the recovery.

The annual Asia Power Index — launched by the Lowy Institute in 2018 — measures resources and influence to rank the relative power of states in Asia. The project maps out the existing distribution of power as it stands today, and tracks shifts in the balance of power over time. The Index ranks 26 countries and territories in terms of their capacity to shape their external environment — its scope reaching as far west as Pakistan, as far north as Russia, and as far into the Pacific as Australia, New Zealand and the United States. The 2020 edition — which covers three years of data — is the most comprehensive assessment of the changing distribution of power in Asia so far. Among other things, it aims to sharpen the debate on the geopolitical consequences of the COVID-19 pandemic. The project evaluates international power in Asia through 128 indicators across eight thematic measures: military capability and defence networks, economic capability and relationships, diplomatic and cultural influence, as well as resilience and future resources. Over half of our data points involve original Lowy Institute research, while the rest are aggregated from hundreds of publicly available national and international sources. This year, the Index includes three new indicators that track major ecological threats, bilateral and plurilateral defence dialogues, and perceptions of the international and domestic handling of the COVID-19 pandemic. Papua New Guinea, a Pacific country on the geographical continuum of Southeast Asia, has also been included for the first time.

The EU-Vietnam Free Trade Agreement (EUVFTA) that came into force on 1 August 2020 is the latest in a string of free trade agreements that Vietnam has concluded to bolster its exports. The EUVFTA's twin agreement, the EU-Vietnam Investment Protection Agreement (EVIPA), has also been ratified by Vietnam. Once it comes into force, the agreement is expected to attract more European investors into Vietnam, which has already been a favourite foreign direct investment (FDI) destination in the region. More than 30 years since adopting market-based economic reforms in 1986, Vietnam has turned itself from an isolated pariah state and one of the least developed countries into one of the fastest-growing and most dynamic economies in the world. Vietnam's success story is unmistakably based on an extraordinary level of economic openness premised upon international trade and investment regimes like the EUVFTA and the EVIPA. But while most attention has been paid to the benefits that Vietnam had gained from its deepening international economic integration, much less has been said of the consequences of Vietnam's over-reliance on exports and FDI.

This report reviews and analyzes current good practices in economic governance by subnational governments in Myanmar. Using data and metrics from the Myanmar Business Environment Index, it identifies a number of good practices at the subnational level. The report first reviews the methodology of the research and the identification of good practice. It then reviews some of the challenges associated with researching good practice and isolating the role of governance in a complex environment, as well as the limitations that subnational officials face when trying to implement good practice. The report then reviews drivers of good practice, as well as examples of good practice in the legal and regulatory framework, implementation, and consultation and transparency. It closes with recommendations for further action that subnational governments may implement to improve local economic governance in the short to medium term.

An ICRIER study on cost-reduction strategies for electric vehicle batteries in India was released by the Secretary Ministry of Environment, Forests and Climate Change, Shri CK Misra on November 14, 2019 which is now available on our website (see below). We also organized several consultation workshops, dissemination and outreach events during the month. Articles bearing the ICRIER imprint were published in leading newspapers and other media platforms on a variety of current issues such as economic growth, agriculture, trade, RCEP and issues relating to India's political economy, among others. We sincerely hope that you will take out some time to glance through these updates and engage further with anything that interests you. We hope you enjoy the newsletter's new format. As always, we welcome your constructive feedback.