And the results are not trivial, ranging from just under two percentage points (Japan and Indonesia) to above 3.5 percentage points (Vietnam, Taiwan and HK which is nearly at 4.5 percentage points). So, while the impact on our GDP may not be strong and direct, the “second-round” effect through the “other” trading partners bears watching. What about the effect on domestic inflation?
Studying the impact of the pandemic on growth-inflation dynamics and the outlook, proposing policy interventions with rationale and expected outcomes, and assessing the effectiveness of announced measures have been an integral part of the department's work all through the pandemic.