, Columnist
Don't Repeat This Crisis Error Once Dark Hours Pass
Some policy makers in Asia are wavering on extending stimulus. They should resist the temptation to end support too early.
Pre-pandemic activity won't return soon, in Korea or elsewhere.
Photographer: JUNG YEON-JE/AFP/Getty Images
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Welcome to the first truly global recession of the modern era.
The pandemic disrespects national borders and is contemptuous of differences between regions and levels of economic development. Unlike in the global financial crisis and the trough that followed the 2001 terrorist attacks in the U.S., all regions are suffering contractions. Asia’s policy makers need to remember that when plotting the path ahead as economies emerge from lockdowns.