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The COVID-19 health crisis has led to a global economic crisis, with the IMF predicting that global growth could contract by 3 percent in 2020.

This raises many important questions: What are policymakers doing right now to help combat this crisis, and what should they be doing in the future? What is the economic impact of social distancing, and how long can we sustain this stagnation? What’s next for the global economy?

In an effort to help inform these questions with insights from our faculty and global experts, Chicago Booth has launched a series of three virtual Economic Outlook events: focusing on the United States, Asia, and Europe. At the second event on May 7, focusing on Asia, Booth professors Chang-Tai Hsieh and Randall S. Kroszner joined University of Chicago alumnus Richard Wong, AB ’74, AM ’74, PhD ’81 (Economics), professor of economics at the University of Hong Kong, to discuss the impact of the crisis in Asia.

Hsieh—the Phyllis and Irwin Winkelried Professor of Economics and PCL Faculty Scholar—conducts research on growth and development. He has been a visiting scholar at the Federal Reserve Banks of San Francisco, New York, and Minneapolis, as well as the World Bank's Development Economics Group, and the Economics Planning Agency in Japan. Kroszner—the Deputy Dean for Executive Programs and the Norman Bobins Professor of Economics—regularly shares insights on the global economy with news outlets around the world. He served as a Governor of the Federal Reserve System from 2006 until 2009. Wong—the Philip Wong Kennedy Wong Professor in Political Economy at the University of Hong Kong—has been founding director of the Hong Kong Centre For Economic Research since 1987, and the Hong Kong Institute of Economics and Business Strategy since 1999. His research focuses on the political economy of public policy, property, housing, labor, and population, and the regional economic development in China.

Moderator Henny Sender, the chief correspondent for international finance at the Financial Times, led a lively hour-long discussion that touched on critical questions facing Asia and the rest of the world, including China and its relationship with the rest of the world, the impact of the pandemic on India, Taiwan, Indonesia, and throughout Asia, and the risks of debt traps for emerging markets. 

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