Moody’s Investors Service said that the coronavirus crisis is manifesting itself through three types of shocks in APAC – country-specific, regional and second-round – and that government relief measures, though swift and extensive, will not be enough to offset the effects on the economy. “Widespread containment measures are crippling domestic consumption and production, which is spilling over to other parts of the region in the form of lower demand for commodities, imported goods and services, and supply chain disruptions,” s Deborah Tan, a Moody’s Assistant Vice President said.
Further, the economic spillovers from country-specific shocks are quickly escalating into second round shocks, as while China has resumed economic activity and production, other economies are still rappelling with the spread of the virus.
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