Indeed, a decline in oil prices should depress the inflation rate in the short term but at the same time provide a boost to real GDP growth, and as a result need not have a big impact on long-term inflation expectations.
COVID-19 has affected Asian 1  economies mainly through three channels: (1) a decrease in exports, reflecting suppressed global economic activity; (2) a decrease in inbound-related demand, against the background of entry restriction measures and policies reducing travel; and (3) a decrease in domestic private consumption, reflecting business suspensions and people refraining from going outside.