The impact of the novel coronavirus (COVID-19) outbreak on the Asian economy

Infectious disease outbreaks can have dramatic effects and widespread disruptions on the economy, sometimes reversing years of development progress. According to the World Bank (2020), the COVID-19 pandemic, which sent more than 100 nations into recession, serves as an illustration of this point. However, the strict control measures implemented by China, Japan, and South Korea were able to lessen the pandemic's impact, establishing them as the "Fast-growing engine" of the Asian economy. Objective: The multifaceted effects of the COVID-19 pandemic on the economies of China, Japan, and South Korea are the primary focus of this study. The economic effects of the pandemic must be evaluated on these three Asian nations, which have been hit the hardest by the global crisis. The review means to investigate the impact of various elements, including government mediation, seriousness of the plague, joblessness rate, Customer Value List, commodity and import exercises, and their aggregate impact on every country's GDP (Gross domestic product) development, among other key financial pointers. This exploration tries to outfit a far reaching outline of the extension and character of the financial difficulties looked by these countries, by utilizing accessible information for itemized examination. The study offers a comprehensive perspective on the relationship between a crisis in public health and macroeconomic stability by employing a combination of quantitative analysis and economic theory. Results: The monetary outcomes of the Coronavirus pandemic on the economies of China, Japan, and South Korea were complex and shifted in nature. Manufacturing activities and imports increased in response to the epidemic, and the government's price index decreased. Rapid government intervention appeared to boost economic expansion, highlighting the significance of flexible and adaptable policy responses in times of crisis. Economic strategies that are able to withstand shocks like global pandemics are emphasized in the study. In addition, it calls for a deeper comprehension of the interactions between economic indicators and government intervention during public health emergencies. The findings add to a body of knowledge that will help people deal with similar crises in the future and build economic resilience.