Executive Summary
The research focuses on the effect of the COVID-19 pandemic on Asian businesses. Many companies have had to close down owing to the pandemic, and those that have stayed open have witnessed a considerable reduction in sales. The pandemic has also significantly impacted supply chains, making it challenging for firms to obtain the necessary resources. Overall, the pandemic has had a detrimental impact on Asian enterprises, and it is anticipated that the area will continue to experience the pandemic’s consequences for some time. Therefore, the study also provides conclusions and recommendations for businesses in Asia to consider.
Introduction
The COVID-19 pandemic has had a tremendous effect on Asian enterprises. Businesses have been compelled to adjust their operations in response to the pandemic. Due to the lockdown procedures implemented to prevent the spread of the virus, many companies have been forced to cease working. This situation has had a disastrous impact on companies, with many losing revenue and being forced to lay off employees.
The pandemic has also impacted the supply chain, with firms in the affected areas experiencing difficulties in delivering products and supplies. The problem in question has specifically affected the manufacturing industry, causing noticeable changes and significantly shaping companies’ performance. Since the COVID-19 pandemic paralyzed the global economy and disrupted associated transactions for a substantial period, the manufacturing industry in the Asian region suffered significant losses due to the numerous pauses that interrupted factory operations.
The surge in internet purchasing has enabled companies to market their products and services online. In addition to altering consumer behavior, the pandemic has increased consumer awareness of the significance of health and cleanliness (Dubey, 2020). This situation has presented opportunities for firms that market health and hygiene-focused products and services. Therefore, this article will investigate the impact of COVID-19 on companies in Asia and highlight the challenges and opportunities that these organizations face. This goal will be accomplished by thoroughly examining the Asian regional business and its consequences, as well as conducting a comprehensive literature analysis based on the study’s three primary objectives.
Objectives Of the Study
- To investigate the impacts of COVID-19 on companies in the manufacturing industry in the Asian Region.
- To evaluate the measures taken to reduce the impact of COVID-19 on the manufacturing industry in the Asian Region.
- To evaluate the consequences of the impacts on international trade.
Literature Review
COVID-19 has significantly impacted the Asian region, leading to a decline in demand for goods and services. Several factors have contributed to this, including the disease pandemic in China, travel restrictions and quarantines, and the economic slump in China and other countries in the region. In December 2019, the emergence of COVID-19 in China led to a decrease in demand for products and services in Asia. This phenomenon was because China is a significant industrial base for several nations, and the illness pandemic slowed down output and exports (Caballero & Simsek, 2020). Additionally, the Chinese government imposed various travel and trade restrictions, further reducing demand for Asian products and services.
The economic downturn in China and other Asian nations has also contributed to declining demand for products and services. The reason is that the recession has led to a decline in earnings, spending power, and the number of tourists. According to Bekaert et al. (2020), businesses in Asia have been obliged to reduce output and services, resulting in a decline in demand.
The decline in Asian demand for products and services has substantially influenced the global economy. Asia is a crucial source of demand for products and services, and the decline in demand has led to a decline in worldwide commerce and investment. In addition, the fall in demand has led to a decline in commodity prices, such as oil, which have been severely affected by the regional economic slump.
Studies also indicate that the manufacturing industry in Asia was one of the areas that experienced some of the most significant losses due to the pandemic. Specifically, the fact that the global supply chains established by Chinese manufacturing organizations at that time had to be disrupted due to lockdowns and associated changes indicated that the manufacturing industry had to be put on hold (Sharma et al., 2020). The described change has affected not only the amount of goods produced and the revenues obtained, but also the quality of the manufacturing industry’s performance.
Specifically, with the shift toward using local resources instead of those offered by international suppliers, the manufacturing industry has experienced a noticeable decline in quality (Sharma et al., 2020). Similarly, travel restrictions and the associated changes have impacted the strength of the bond that Asia has formed with its international partners, which has affected the manufacturing industry in the long run (Sharma et al., 2020). Therefore, there is sufficient evidence to suggest that the manufacturing industry in Asia has experienced a notable decline since the emergence of the COVID-19 pandemic.
COVID-19 is a worldwide pandemic that has significantly impacted tourism businesses in the Asian region. In addition to being one of the industries most impacted by the pandemic, the tourism sector has seen a decline in travel and tourism owing to the cancellation of plans and the fear of the virus. As a result, this has substantially affected companies in the Asian area, as many travelers have canceled their trips there (Gadkari, 2022).
Numerous tourists from all around the globe visit the Asian area. The area comprises several nations with diverse cultures and numerous tourist attractions. This factor makes it a popular option for vacations and holidays.
However, the COVID-19 pandemic has contributed to a decline in tourism in the area as individuals cancel their trips. The virus has had a substantial effect on Asian enterprises. Due to the decline in tourism, several companies were forced to shut down. The situation has led to a decline in income and employment. The pandemic has also reduced the number of foreign tourists visiting the area. This aspect has had a detrimental effect on the regional economy.
Furthermore, the overall shift in the approach to decision-making, one of the core markers of change observed due to the coronavirus pandemic, also deserves mention. In the context of the Asian economy, the pandemic has significantly influenced the approach to decision-making, particularly in the management of core operations within the manufacturing industry. In fact, the observed change applies to Asia and the global manufacturing industry as a whole (Sharma et al., 2020).
Specifically, the available sources state that, similarly to companies operating in other areas, firms in the manufacturing industry had to develop increased flexibility, particularly the ability to respond to changes immediately and search for available solutions instantly 9). The importance of a fat response has prompted a change in the manufacturing context’s approach to disaster management and prevention (Sharma et al., 2020). Specifically, the focus on preparedness can be seen as the direct outcome of the COVID-19 issue affecting the manufacturing industry in Asia and globally (Sharma et al., 2020).
Indeed, studies mention the propensity to produce an immediate reaction to alterations in the manufacturing context as one of the essential prerequisites for managing core operational functions within the specified context. Namely, researchers explain that managing essential functions within a company and developing an improved emergency plan represent central changes within the manufacturing context (Peng et al., 2021). Primarily due to the need to maintain resilience within the supply chain, the specified alterations have also entailed a shift in the approach to utilizing available resources, with the shift to repurposing marking a massive Covid-19-induced change in the specified setting (Peng et al., 2021).
The process of repurposing, as one of the core outcomes of the COVID—19 shaping the manufacturing industry of Asia, can also be viewed as a social response to the observed issue. Specifically, the emphasis on supporting the community by providing a broader range of opportunities for vulnerable groups affected by the coronavirus can be seen as a direct result of the subject matter’s impact on the industry (Peng et al., 2021). Indeed, the Asian manufacturing market has been characterized by increased opportunities for citizens to access tools for minimizing the effects of the pandemic, such as hand sanitizers and PPE (Peng et al., 2021).
Therefore, the community aspect of change should also be addressed as one of the essential changes brought into the Asian manufacturing context by the coronavirus. At the same time, community support was evident before the pandemic but amplified tremendously after the disaster (Peng et al., 2021). As a result, the manufacturing industry and the companies operating within it have transferred to a framework that actively focuses on community support, charity, and developing a strong bond with community members (Peng et al., 2021).
The specified outcome has also affected the manufacturing industry’s cost management. Given the need to transition to a more charity-focused approach, many Chinese manufacturing companies had to reevaluate and restructure their framework for cost management (Peng et al., 2021). Specifically, the emphasis on cost efficiency and the associated opportunities for minimizing costs should be mentioned as one of the core alterations caused by the COVID-19 pandemic (Peng et al., 2021).
Indeed, a closer analysis of the changes within the Chinese economy, particularly its manufacturing industry, reveals that the propensity for rapid cost reduction and the emphasis on more effective cost management strategies have become even more prominent (Peng et al., 2021). Specifically, the study by Pent et al. (2021) illustrates that the cost management approach has shifted toward a more sensitive framework, allowing for greater flexibility and improved risk management while minimizing expenses.
The decline in tourism has affected the ecosystem (Hassan, 2021). Many of the world’s natural marvels are found in the Asian area. However, the decline in tourism has resulted in fewer people visiting these locations. This state has had a detrimental effect on the ecosystem since fewer funds are allocated to conservation.
The decline in tourism has also affected the region’s social aspect. The area of Asia is a melting pot of many civilizations. However, the decline in tourism has reduced the frequency of intercultural interactions between individuals of various cultures. This factor has significantly impacted the community’s social aspect, leading to numerous tourism-dependent companies failing or shutting down.
At the onset of the COVID-19 pandemic, most regions implemented travel restrictions for foreign visitors related to the pandemic. This factor brought the travel and tourism industry to a total halt globally. Restrictions continued to be enforced throughout the remainder of the year 2020. It was anticipated that 2021 would usher in a widespread restart of travel in tandem with the global rollout of vaccination programs. This restart materialized in only a small portion of the world and barely took off in Asia and the Pacific (Wall, 2021). Arrivals from other parts of the world to Asia dropped by 94.9% between January and September of 2021, compared to the same period in 2019, while arrivals to Southeast Asia dropped by 98% during the same period.
Southeast Asia was one of the most impacted global subregions (Mohamad, 2022). As of November 26, 2021, 21% of all countries worldwide still had full limitations in place, 25% had various restrictions, and 65% of destinations in Asia remained entirely closed (Mohamad, 2022). This reliance affected hotels in most Asian countries as they started to depend on local tourism, which was very low.
Furthermore, in the manufacturing context, the issue of material shortages can be considered one of the core effects of the COVID-19 pandemic and the measures designed to counteract it. Specifically, the artificially induced decline in international operations and the associated interactions between partners have led to a tangible shortage of necessary materials, including raw materials and supplementary items, among Asian manufacturing companies (Sharma et al., 2020). The specified effects of the coronavirus, particularly the restrictions imposed on global collaboration processes and manufacturing supply chain networks, have been devastating for manufacturing organizations in Asia due to the pandemic.
The COVID-19 pandemic significantly impacted businesses in the Asian region, causing numerous supply chains to be disrupted. Due to the COVID-19 outbreak, customers were compelled to remain home and reduce their expenditures. This action led to a precipitous decline in orders for enterprises in the manufacturing sector, forcing many Chinese factories to shut down or reduce operations (Ciuriak & Calvert, 2021). This ripple effect is felt by firms in other regions of the globe that depend on Chinese raw materials or finished goods, as they are unable to obtain the necessary supply.
Additionally, the pandemic led to transportation difficulties, as several flights were canceled and ports shut down. This factor made it difficult for enterprises to get their goods to market and also caused delays in raw material supply. The effect of COVID-19 on retail enterprises was devastating.
Due to decreased customer spending, numerous stores were forced to shut their doors. This ripple effect has affected firms that sell items to shops, since they have seen a significant drop in orders. The COVID-19 pandemic had a significant impact on enterprises in Asia, disrupting numerous supply chains (Sánchez-Flores & Serna, 2021).
The destruction of the supply chain was evident because some goods were typically essential. Due to the pandemic, demand fell rapidly, leading to increased canceled production and a reduced focus on the supply of essential commodities. People widely focused on the country’s health as Asian countries were among the most affected regions in the world.
The pandemic led to an increase in production costs for Asian businesses and firms. In China, the hub of the pandemic, firms have been forced to close, leaving many people jobless. China’s GDP is projected to decrease by 6.5% in 2020, despite the government providing financial aid to firms (Hill, 2022).
In other regions of Asia, the pandemic has slowed economic activity as firms have been compelled to cut output and lay off employees. The International Monetary Fund predicted that Asian economic growth would slow to 1.2% in 2020, down from 5.6% in 2019 (Min et al., 2022). The pandemic has also caused companies in the area to incur higher expenses.
In China, companies have had to invest in new safety precautions, such as face masks and hand sanitizers, and many have been compelled to implement remote working arrangements. These initiatives have increased operating expenses, which are anticipated to rise by 3% to 5% by 2020 (Akkaya et al., 2021). Growing raw materials and transportation costs have impacted businesses in other regions of Asia. Since the onset of the pandemic, the cost of transporting products from China has jumped by 50%, while the price of copper, a critical ingredient for many businesses, has reached its highest level in seven years (Akkaya et al., 2021).
The long-term implications of the COVID-19 outbreak on Asian industries are yet unknown (Ramraj, 2020). The area is heavily reliant on international commerce, and the downturn in economic activity is expected to lead to a decline in exports. This situation may lead to additional job losses and further deceleration of economic growth.
However, it is also feasible that the area may gain from the global growth in demand for products and services. Many of the world’s largest exporters of medical equipment and pharmaceuticals are in Asia. The rising demand for these items will likely offset the fall in demand for other goods and services.
Similarly, the manufacturing industry in China suffered a range of negative permutations. Specifically, the extent of commerce within manufacturing industries in China has been reduced, affecting the quality of performance and, most importantly, the visibility of Chinese organizations (Sharma et al., 2020). As a result, an initial drop in the extent of economic growth was observed (Sharma et al., 2020). The described effects of the COVID-19 pandemic have been undeniably adverse regarding the efficacy of Chinese manufacturing companies and the manufacturing industry (Sharma et al., 2020). However, one cannot deny the presence of specific positive shifts due to the specified restrictions.
Notably, the entry of Chinese manufacturers into the e-commerce sector deserves to be listed among the few positive outcomes of the pandemic on the Chinese economy. Indeed, studies indicate that the extent of Chinese manufacturers’ advancement in the e-commerce environment has been rapid and undeniably impressive. According to the U.S. Department of Agriculture (2020), “The spread of COVID-19 has generated new approaches to serving China’s 1 billion adult consumers” (para. 1). Therefore, the emergence of obstacles to the traditional approaches to commerce and business-making forces Chinese manufacturers, as well as manufacturing organizations across Asia, in general, to develop new approaches to maintaining the efficacy of the manufacturing industry.
The downturn in the stock market has had a domino effect on businesses in the area, with the share prices of several companies experiencing significant decreases as a direct result of the impact. As a result, several companies in the area have been compelled to reduce or even cease paying their dividends (Bagchi et al., 2020). In addition to the immediate impact that the virus has had on companies, the ongoing trade war between the United States and China has also contributed to exacerbating the decline in the stock market. The trade war raised the level of unpredictability in the area, making local firms more hesitant to invest. The pandemic caused by the COVID-19 virus has had a significant impact on companies across Asia, contributing to a substantial drop in the stock market (Wu & Olson, 2020). This factor has had a detrimental impact on the region’s economy, causing firms to become more cautious about investing in the area.
The spread of COVID-19 has substantially affected enterprises in Asia, with many reporting a decline in revenue. This situation is the result of multiple events, including the closure of enterprises and a decline in demand for products and services. The shutdown of companies has had a significant effect on businesses in the area, as many have been forced to close owing to the implementation of lockdown measures (Rius & Gassiot-Melian, 2021). This factor has led to a decline in revenue for many firms, as they can no longer generate profits and operate efficiently.
Local businesses have also been affected by the decline in demand for goods and services, as many people are now opting to spend their money within their homes. This factor has led to a decline in sales for many firms, as they are unable to sell as many items or services (Srivastava, 2021). The spread of COVID-19 has significantly impacted the Asian economy, with many enterprises experiencing a decline in revenue. This situation is expected to persist in the near future due to the lockdown measures and decline in demand. The economy is expected to improve as firms reopen and consumers resume spending.
COVID-19 has been a catalyst for the digitalization of many businesses in the Asian region. As a result of the pandemic, a greater emphasis has been put on digitization, as companies have been driven online to survive. This factor has been especially true for small enterprises, which have been severely affected by the pandemic.
As many as 30 percent of small enterprises in China have shut down since the start of the outbreak (Kulaga, 2021). This percentage represents a staggering number that highlights the importance of digitization for Asian firms. China is not the only nation impacted by the pandemic; 10% of enterprises in Vietnam have closed since the outbreak began.
The pandemic has also shifted consumer habits, leading people to spend more time online than ever before. This aspect has resulted in a surge in e-commerce, as more individuals purchase products and services online. The value of internet sales in China was projected to have increased by 30% in 2020 compared to the previous year (Giharis, 2022). As individuals become increasingly accustomed to purchasing items online, this trend is expected to persist in the years ahead.
Businesses in the Asian region are accelerating their efforts to shift online for various reasons. As previously stated, the first is the rising significance of digitization. The second factor is the shift in consumer behavior, as individuals spend more time and purchase online. As a result of the pandemic, numerous companies in the area have been forced to shut their doors.
Digitalization is crucial not just for enterprises in the Asian area but also for businesses worldwide (Giharis, 2022). To survive, companies must be able to work online, as shown by the pandemic. Digitalization will continue to grow in importance as the world becomes increasingly interconnected and individuals spend more time online. Businesses that adopt digitalization will stay caught up in the competition.
The chart above illustrates how Asian nations have increased their digitalization usage due to COVID-19. This table shows the sectors most affected by digitization due to COVID-19, along with their respective segments. During the first year of the COVID-19 pandemic, the internet economy in Vietnam and Indonesia experienced double-digit growth.
In 2020 alone, the area is expected to gain over 40 million new internet users, accompanied by a rise in smartphone use (Jang, 2021). This figure is a fourfold increase in new users compared to the prior year. In addition, most of these new users in Malaysia, Indonesia, and the Philippines were from non-metropolitan regions, contributing positively to reducing the digital gap between urban and rural areas.
The outbreak of COVID-19 has had a profound impact on small businesses across Asia. The pandemic led to a significant decline in demand for products and services, resulting in disorganized supply chains. This factor has placed significant pressure on small enterprises, which are often Asia’s primary drivers of economic growth (Enes, 2022).
Small companies have been severely impacted in China, which has been designated as the pandemic’s epicenter. China’s government has taken various steps to assist small enterprises, including tax cuts and subsidies. Despite this, many companies still require assistance in staying afloat. The situation is more complicated in other regions of Asia.
Small firms in South Korea have received financial assistance from the government. The government has also made several adjustments to the regulations that apply to them to help these enterprises survive the crisis. In Japan, the government has also offered financial assistance to small firms. Nevertheless, the country’s stringent labor rules hinder enterprises’ capacity to adapt and thrive in the current environment (Hu & Kee, 2021).
The emergence of COVID-19 across Asia has had a devastating effect on the region’s small companies. The virus has led to a significant decline in demand and disruptions to supply chains. This factor has exerted considerable strain on small businesses, which frequently serve as Asia’s main engine of economic growth.
COVID-19 has substantially impacted Asian businesses, with many reporting decreased productivity. Businesses were forced to shut their doors, and consumer spending has decreased due to the infection—the ripple effect on companies, with many reporting revenue declines (Ahumada et al., 2021). Several factors contributed to the decline in productivity among Asian enterprises.
The first factor is company closures. Due to the virus, several firms were forced to shut down, directly impacting their ability to operate. This aspect has resulted in a drop in the number of people who can work and the quantity of work to be performed. The second contributing component is the decline in consumer expenditure. There has been a decline in the quantity of money spent on products and services due to many individuals being compelled to remain at home. This factor has prevented enterprises from generating as much revenue as they could.
The third aspect is the virus’s influence on supply chains. As a result of the virus, many firms in Asia are unable to obtain the necessary resources to function (Ahumada et al., 2021). This has a ripple effect on output, as companies cannot produce as much as they would like. Additionally, the impact of the infection on the workforce must be considered. Due to the virus, several Asian firms were forced to lay off employees. This has negatively impacted productivity, as firms cannot operate at full capacity.
The virus has influenced the mental health of workers. The virus has profoundly affected the mental health of many Asians. This situation has decreased productivity, as individuals struggle to concentrate on their tasks. The influence of the virus on the social context is another aspect. In Asia, the virus has caused various societal issues affecting enterprises. This feature has resulted in declining consumer confidence and reduced spending (Thuy Truc, 2022).
The influence of the infection on the infrastructure is also a concern. The virus has caused several infrastructural difficulties in Asia, severely affecting enterprises. This aspect has diminished the efficiency of the transportation system and the condition of the roads and bridges. All of these reasons have led to a decline in Asian corporate productivity. The virus has substantially influenced how firms function, resulting in a decline in the quantity of work performed.
The outbreak of COVID-19 has caused widespread uncertainty in businesses across Asia. Many firms had been forced to temporarily shut their doors, while others had to modify their operations to comply with stringent new health and safety regulations. Businesses of all sizes have felt the effects of the consequent economic turmoil, with many fighting to remain afloat.
COVID-19 has had a particularly devastating effect in China, where the virus initially appeared (Thuy Truc, 2022). The Chinese economy was already decelerating before the outbreak, and the virus has given firms an additional hit. Numerous Chinese enterprises had been forced to close, resulting in a lack of commodities and raw resources. This state has had repercussions for Asian firms that depend on Chinese suppliers and those that sell to China.
Business Models
E-Commerce Model
The e-commerce business model refers to the purchasing and selling of products and services through the Internet. The e-commerce business model differs from the conventional company paradigm in several aspects. In a conventional company model, buying and selling products and services occur in physical storefronts (Sukrat, 2018). The consumer must visit the shop to buy the merchandise.
In contrast, an e-commerce business model involves purchasing and selling products and services online. The buyer may purchase the item from the convenience of their own home. The e-commerce business model has several benefits over the conventional company paradigm. It is handy for clients, which is one of the primary benefits. The product may be purchased from anywhere in the globe. They are not required to visit the shop to buy the item.
Another benefit of the e-commerce business strategy is the time savings it provides. Customers can purchase merchandise without needing to visit the shop. Another benefit is the cost-effectiveness of the e-commerce business strategy. In a conventional business model, the organization manages a physical shop. In contrast, an e-commerce business model eliminates the need for a physical shop, which saves the corporation a significant amount of money.
The e-commerce business strategy may mitigate the effects of COVID-19 on Asian firms. The e-commerce business model can be leveraged to mitigate the effects of COVID-19 by allowing enterprises to sell their goods online. Due to the COVID-19 outbreak, many Asians are hesitant to leave their houses to visit physical establishments (Sukrat, 2018). Nevertheless, they are eager to acquire online.
Asian businesses can continue to generate revenue even during the pandemic by selling their goods online. The e-commerce model can also be utilized to lessen the impact of COVID-19 by enabling the online purchase of raw materials and finished products. Due to supply chain disruptions, many Asian enterprises are experiencing shortages of raw materials and final products. However, by acquiring raw materials and completed goods online, Asian enterprises may avoid supply chain delays.
Governance
The COVID-19 pandemic has had a devastating impact on Asia, resulting in millions of people losing their jobs, companies closing, and economies declining. The pandemic has also revealed several Asian countries’ inadequacies in reacting effectively to disasters. To mitigate the pandemic’s harmful effects, Asian nations must enhance their governance structures and procedures.
One of the most critical issues to solve is how choices are made (Juwita et al., 2021). Due to the necessity to interact with many stakeholders, decision-making in many Asian nations is generally delayed and bureaucratic. This aspect might make it challenging to adopt critical policies and programs quickly in a crisis. Asian countries must simplify their decision-making processes and delegate greater authority to ministers and bureaucrats who can make swift and informed choices.
Another issue that must be addressed is the effective utilization of government resources. There is a significant amount of waste and redundancy in how government resources are utilized in many Asian nations. The reason is that multiple government departments and agencies often need more cooperation. Asian nations must enhance cooperation across departments and agencies, as well as between levels of government (Juwita et al., 2021). They must also establish processes and procedures to ensure that government resources are utilized more efficiently and effectively.
A third issue that must be addressed is how government services are provided. Government services are often provided inefficiently and bureaucratically in many Asian nations. The reason is that the manner in which government services are supplied often lacks openness and accountability. Asian nations must promote openness and accountability in government services while ensuring they are provided more efficiently and effectively. To mitigate the negative impact of the COVID-19 pandemic, Asian countries must enhance their governance systems and processes.
Conclusion and Recommendation
The COVID-19 pandemic has had a profound impact on businesses in the Asian region. Small and medium-sized firms have seen the most significant effect. These firms have been forced to stop or cut down operations due to the lockdown measures imposed by governments to prevent the spread of the virus. This aspect has led to a substantial rise in unemployment and an increase in the number of individuals working from home.
People are reluctant to go out and spend money on non-essential products due to the pandemic (Ramraj & Thiruvengadam, 2021). This aspect has rippled through companies since many have been forced to lay off employees or shut their doors. The pandemic has also impacted supply chains, as many companies struggle to obtain the necessary raw materials to maintain operations. This situation has led to a decline in output and an increase in pricing for products and services.
The COVID-19 pandemic has had a significant impact on Asian industries, leading to a substantial increase in unemployment and a decline in productivity. The report concludes that, despite the negative impact, businesses can recover from the pandemic’s consequences through excellent governance and E-commerce strategies. Therefore, the research suggests enhancing the administration of diverse nations and utilizing e-commerce and digitalization to boost corporate sales.
References
Ahumada, H., Cavallo, E. A., Espina-Mairal, S., & Navajas, F. (2021). Research insights: Can better infrastructure offset the negative impacts that COVID-19 has had on productivity in different economic sectors? Web.
Akkaya, B., Jermsittiparsert, K., & Gunsel, A. (2021). Handbook of research on current trends in Asian economics, business, and administration. IGI Global.
Bagchi, B., Chatterjee, S., Ghosh, R., & Dandapat, D. (2020). Coronavirus outbreak and the great lockdown: Impact on oil prices and major stock markets across the globe. Springer Nature.
Bekaert, G., Engstrom, E. C., & Ermolov, A. (2020). Aggregate demand and aggregate supply effects of COVID-19: A real-time analysis. SSRN Electronic Journal. Web.
Caballero, R., & Simsek, A. (2020). A model of endogenous risk intolerance and LSAPs: Asset prices and aggregate demand in a “COVID-19” shock. Web.
Ciuriak, D., & Calvert, P. (2021). Asian trade and supply chain linkages. COVID-19 in Asia, 395-410. Web.
Dubey, D. (2020). Psychological impact of COVID-19. COVID-19 Pandemic update 2020, 165-175. Web.
ENES, W. M. (2022). Pequenos negócios Em tempos de COVID-19: Impacto E estratégias de sobrevivência: Small businesses in COVID-19 times: impact and survival strategies. Web.
Gadkari, A. (2022). Resetting tourism after COVID-19 with particular emphasis on South Asia. ICSD 2021. Web.
Giharis, N. (2022). Impact of MSME digitalization on Fintech during the COVID-19 pandemic in Indonesia. SSRN Electronic Journal. Web.
Hassan, A. (2021). Family tourism and it’s future in the Post-COVID-19 era. Future of Tourism in Asia, 213-227. Web.
Hill, J. J. (2022). The overlooked tragedy of the pandemic: How media coverage of the COVID-19 pandemic has led to an increase in anti-Asian bias and xenophobia. Asian Pacific American Law Journal, 25(1). Web.
How digitalization is making South and Southeast Asia engines of growth. (2022). World Economic Forum. Web.
Hu, M. K., & Kee, D. M. (2021). Strategic measures and tactical interventions for COVID-19 impact relief on SMEs. Handbook of Research on Strategies and Interventions to Mitigate COVID-19 Impact on SMEs, 522-541. Web.
Jang, Y. (2021). Digitalization in Asia-Pacific region: Ready for growth, but ready for inclusion?SSRN Electronic Journal. Web.
Juwita, A., Prasetyo, H., & Meiryani,.. (2021). Role of good corporate governance in minimizing bankruptcy by moderating pandemic COVID-19. Proceedings of the 2nd International Conference of Mental Health. Web.
Kulaga, A. S. (2021). Impact of the COVID-19 pandemic on the digitalization of small businesses. Business Strategies, 9(5), 149-152. Web.
Min, Y., Zhang, Y., & Park, S. H. (2022). Familiarization of lone-founder firms: Highlights from Asian firms. Oxford Research Encyclopedia of Business and Management. Web.
Mohamad, N. (2022). Post COVID-19 pandemic: The new technology and tourism revolution for tourism fairs, festivals and events. Technology Application in Tourism Fairs, Festivals and Events in Asia, 363-387. Web.
Ndako, J. A., Kumeka, T. T., Adedoyin, F. F., & Asongu, S. (2022). Structural breaks in global stock markets: Are they caused by pandemics, protests or other factors?
Peng, T., He, Q., Zhang, Z., Wang, B., & Xu, X. (2021). Industrial internet-enabled resilient manufacturing strategy in the wake of COVID-19 pandemic: a conceptual framework and implementations in China. Chinese Journal of Mechanical Engineering, 34(1), 1-6.
Ramraj, V. V. (2020). COVID-19 in Asia: Law and policy contexts. Oxford University Press.
Ramraj, V. V., & Thiruvengadam, A. K. (2021). Pandemics and emergency powers in Asia. COVID-19 in Asia, 133-146. Web.
Rius, J. M., & Gassiot-Melian, A. (2021). Has COVID-19 had an impact on prices? The case of the cruise industry. Journal of Revenue and Pricing Management, 21(5), 538-552. Web.
Srivastava, K. (2021). COVID-19: Why has India had a spike in stillbirths?BMJ, n2133. Web.
Surat, S. (2018). A maturity model for c2c social commerce business model. International Journal of Electronic Commerce Studies, 9(1). Web.
Sánchez-Flores, R. B., & E. Serna, G. (2021). Rethinking supply chain strategy to face global challenges imposed by COVID-19. The Impact of COVID-19 on Supply Chain Management. Web.
Sharma, A., Gupta, P., & Jha, R. (2020). COVID-19: Impact on health supply chain and lessons to be learnt. Journal of Health Management, 22(2), 248-261.
U.S. Department of Agriculture. (2020). China: COVID-19 Drives E-commerce in China. USDA. Web.
Thuy Truc, T. L. (2022). Mental health status of healthcare workers and doctors in Vietnam during adaptation to COVID-19. Mental Health & Human Resilience International Journal, 6(2). Web.
Wall, G. (2021). Perspectives on Asian tourism: Experiences from the field. Asia Pacific Journal of Tourism Research, 26(7), 780-792. Web.
Wu, D. D., & Olson, D. L. (2020). Pandemic risk management in operations and finance: Modeling the impact of COVID-19. Springer Nature.
Yoshikura, H. (2021). Epidemic curves of COVID-19 unaffected by vaccination. Epidemiology International Journal, 5(1). Web.