From the Overview: "The virus that triggered a supply and demand shock in China has now caused a global shock. Developing economies in East Asia and the Pacific (EAP), recovering from trade tensions and struggling with a viral disease, now face the prospect of a global financial shock and recession. The region's relative resilience, demonstrated during recent crises, is being tested again. Have the recent trade and health shocks sapped its ability to deal with this third shock? Steady growth, sound macroeconomic policies, and prudent financial regulation have equipped many EAP countries to deal with normal tremors. But we are witnessing an unusual combination of disruptive and mutually reinforcing events. Significant economic pain seems unavoidable in all countries and the risk of financial instability is high, especially in countries with excessive indebtedness. This exceptional situation needs an exceptional response: bold national action, deeper regional and global cooperation, and significant external assistance."
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