paragraph on impact coronavirus on business jaldi batoo
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nation has escaped widespread disruption from the COVID-19 pandemic, but some have fared better than others. This week, McKinsey researchers examined the state of the recovery in some of the emerging Association of Southeast Asian Nations (ASEAN) countries—Indonesia, Malaysia, Philippines, Thailand, and Vietnam—that began the crisis at a disadvantage and have suffered disproportionate effects. Our new report explores a series of trends that the pandemic has caused or accelerated. Within each is a seed of recovery, but stakeholders must be prepared to reimagine their country’s economy in five areas: manufacturing hubs, green infrastructure, investments in digital, talent reskilling, and high-value food industries.
We also looked in detail at developments in two ASEAN countries. In Indonesia, the pandemic is still raging; case counts and fatalities are rising sharply. The first priority is to mitigate and contain the outbreak. But even amid the current hardship and profound uncertainty, Indonesia can reimagine and reform itself by increasing national resilience, accelerating economic transition, rebuilding the tourist sector, and enabling genuine change.
Vietnam, too, is contending with short-term challenges as it emerges from the pandemic, especially in tourism and manufacturing, two of the country’s strengths. For the long haul, our new report argues that one essential element of growth is renewable energy. As a country likely to be heavily affected by climate change, Vietnam could accelerate its journey toward a less carbon-intensive future. A new national energy plan is a good sign; now, the challenge is to execute it. (For Vietnam and many other countries, education is another important cog in the engine of growth. This week, we published a comprehensive report on a more equitable and resilient education system.)
Elsewhere in the region, our latest CEO interview, with Peter Harmer of Insurance Australia Group, reveals new insights into “the CEO moment” afforded by the crisis. Asked about crisis resilience, Harmer says, “You have to tether resilience to real beliefs. We have a deep commitment to our purpose, which is to make your world a safer place. Our purpose is the framework through which all our decisions are made.