KAS Japan Weekly COVID-19 Updates - Foundation Office Japan / Regional Economic Programme Asia (SOPAS)
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Key messages include:
1. Economic stimulus packages range from about 4% (Indonesia) to 20% (Japan) of a country's GDP.
2. Although necessary, these measures have downsides. For example, credit rating agencies have downgraded the outlooks for Malaysia, Indonesia and the Philippines.
3. Failure to effectively use the stimulus to mitigate the impact of COVID-19 can lead to increased borrowing costs, ballooning debt and further economic troubles.