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Articles by Changyong Rhee
China: Cambodia's Longstanding Ally
Cambodia’s enduring alignment with China was prominently showcased in 2012 when, as ASEAN Chair, it declined to address territorial disputes in the South China Sea. This widely discussed episode highlighted the deep and strategic ties between the two nations. Cambodia’s alignment with China comes as no surprise, given the clear advantages of being one of China’s most favored partners.
Northeast Thailand: An Emerging Economic Hub fostered by The China-Laos high-speed rail project
-Northeast Thailand, also known as Isan, is the largest and most populous region of the country and has been undergoing rapid development and transformation in recent years, thanks to its strategic location, abundant resources, and diverse culture Some of the key factors that make Northeast Thailand a new economic hub are: - Connectivity: The region is well-connected to other parts of Thailand, as well as neighboring countries such as Laos, Cambodia, and Vietnam, through various modes of...
Thailand postpones Tourism Fee Collection Until September
Thailand has decided to delay the collection of a tourism fee from foreign visitors until September 2023. The fee, which was supposed to start in June, aims to generate funds for the development and improvement of tourist destinations, as well as provide medical insurance for tourists. The Tourism and Sports Minister, Phiphat Ratchakitprakarn, said that the postponement was necessary to ensure that the fee collection system would operate smoothly and efficiently.
Africa: How War in Ukraine Is Reverberating Across World's Regions
document By Alfred Kammer, Jihad Azour, Abebe Aemro Selassie, Iian Goldfajn and Changyong Rhee The conflict is a major blow to the global economy that will hurt growth and raise prices. Beyond the suffering and humanitarian crisis from Russia's invasion of Ukraine, the entire global economy will feel the effects of slower growth and faster inflation. Impacts will flow through three main channels.
Pandemic resurgence slows Asia recovery
(JIN DING / CHINA DAILY) In its recent Regional Economic Outlook, the International Monetary Fund noted that the COVID-19 pandemic has taken a turn for the worse in Asia since the spring, along with the region’s growth outlook. The growth projection for the Asia and Pacific region has been downgraded by more than 1 percent to 6.5 percent compared with the April 2021 forecast — more than for any other region.
IMF’s Asia & Pacific Regional Economic Outlook: Pandemic resurgence slows recovery in Asia
IN ITS RECENT Regional Economic Outlook (REO), the IMF notes that the COVID-19 pandemic has taken a turn for the worse in Asia since the spring, along with the region’s growth outlook. The growth projection for the Asia and Pacific region is downgraded by more than 1% to 6.5% compared to the April 2021 forecasts — more than for any other region.
Maintaining growth in a fast-ageing Asia
Asia has been the world champion of economic growth for decades, and this year will be no exception. According to the latest International Monetary Fund Regional Economic Outlook (REO), the Asia-Pacific region’s GDP is projected to increase by 5.5 per cent in 2017 and 5.4 per cent in 2018. Despite escalating geopolitical tensions, most countries in the region have maintained their economic momentum.
Thailand borrows US$ 1.5 billion from ADB to fight Covid-19
The borrowing is a part of an executive emergency decree empowering the Thailand’s Finance Ministry to seek loans up to one trillion baht ($32 Bln) to combat economic and social problems resulting from COVID-19 . Finance Minister Arkhom Termpitayapaisith and Hideaki Iwasaki, country director for the Thailand Resident Mission of ADB, signed the contract of the COVID-19 Active Response and Expenditure Support Program worth US$1.5 billion.
Thai Airways Q3 losses free falling to 21.5 billion baht
The national carrier Thai Airways International (THAI) reported a net loss of Bt21.53 billion in the third quarter ending September, compared to a 4.68 billion baht loss in the same period last year. Added to the 28 million baht loss for the first semester of this year, Thai Airways losses are now close to 50 million bahts. Thai Airways losses for this year (2563) should stand over 50 million bahts.
A “New Deal” for Informal Workers in Asia
By Era Dabla-Norris and Changyong Rhee عربي, 中文, Español, Français,日本語, Português, Русский Full or partial lockdowns to curb the spread of COVID-19 are having crippling effects on businesses and workers across Asia, as elsewhere. Among the most vulnerable of the workers are the ones working in part-time and temporary jobs without social insurance, and in sectors of the economy that are neither taxed, nor regulated by any form of government.
A post-coronavirus recovery in Asia: Extending a 'Whatever it Takes' lifeline to small businesses
(MENAFN - Caribbean News Global) By Kenneth Kang and Changyong Rhee Asia was hit hard by the first wave of the coronavirus, as the sudden stop in activity struck households and firms simultaneously—first in China , then elsewhere in Asia , and now globally . Policymakers responded swiftly with aggressive spending to support the medical response and vulnerable households and firms. And central banks took swift actions to expand liquidity.
Africa: Coronavirus & Early Lessons From China
By Helge Berger, Kenneth Kang, & Changyong Rhee, International Monetary Fund (IMF) Washington DC — The impact of the coronavirus is having a profound and serious impact on the global economy and has sent policymakers looking for ways to respond. China's experience so far shows that the right policies make a difference in fighting the disease and mitigating its impact--but some of these policies come with difficult economic tradeoffs.
Coronavirus & Early Lessons from China
Featured, Global, Headlines, Health, TerraViva United Nations Opinion Helge Berger is the IMF's China mission chief, Kenneth Kang is a deputy director in the IMF's Asia & Pacific Department, and Changyong Rhee is director of IMF’s Asia and Pacific Department. Credit: UN Population Fund (UNFPA) WASHINGTON DC, Mar 27 2020 (IPS) - The impact of the coronavirus is having a profound and serious impact on the global economy and has sent policymakers looking for ways to respond.
Containing corona comes with huge economic cost
The impact of the coronavirus is having a profound and serious impact on the global economy and has sent policymakers looking for ways to respond. China's experience so far shows that the right policies make a difference in fighting the disease and mitigating its impact - but some of these policies come with difficult economic tradeoffs.
Coronavirus: Blunting the Impact and – Realnews Magazine
By Helge Berger, Kenneth Kang, and Changyong Rhee THE impact of the coronavirus is having a profound and serious impact on the global economy and has sent policymakers looking for ways to respond. China’s experience so far shows that the right policies make a difference in fighting the disease and mitigating its impact—but some of these policies come with difficult economic tradeoffs.
Blunting The Impact And Hard Choices: Early Lessons From China
By Helge Berger, Kenneth Kang, and Changyong Rhee The impact of the coronavirus is having a profound and serious impact on the global economy and has sent policymakers looking for ways to respond. China’s experience so far shows that the right policies make a difference in fighting the disease and mitigating its impact—but some of these policies come with difficult economic tradeoffs.
What Do Deviations from Covered Interest Parity and Higher FX Hedging Costs Mean for Asia
What Do Deviations from Covered Interest Parity and Higher FX Hedging Costs Mean for Asia Author/Editor: Gee Hee Hong ; Anne Oeking ; Kenneth H Kang ; Changyong Rhee Publication Date: August 2, 2019 Electronic Access: Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate.
Asia at the Forefront: Growth Challenges for the Next Decade and Beyond
Asia at the Forefront: Growth Challenges for the Next Decade and Beyond The Peterson Institute for International Economics (PIIE) will hold a launch event for the International Monetary Fund’s (IMF) Regional Economic Outlook for the Asia Pacific, “Asia at the Forefront: Growth Challenges for the Next Decade and Beyond,” on October 31, 2018.
Tax reform for a brighter future
THE government’s proposed second phase of the tax reform is critical to the modernization of the corporate tax system in the Philippines, in support of the country’s development. Once implemented, this reform will improve the overall business environment and further establish the Philippines as a strong reformer in the region.
The new agenda in China’s economic development and the Belt and Road Initiative
This year marks the 40th anniversary of China’s famous “reform and opening up” policy, initiated by Deng Xiaoping in 1978. As China pauses to celebrate miraculous growth over the past four decades, the country is also preparing to address economic challenges at home and abroad. Domestically, Chinese leaders are focused on transitioning the drivers of economic growth—away from manufacturing and toward services—and carrying out financial reforms.
Asia risks growing old before becoming rich
Asia has been the world champion of economic growth for decades, and this year will be no exception. According to the latest International Monetary Fund (IMF) Regional Economic Outlook (REO), the Asia-Pacific region’s gross domestic product (GDP) is projected to increase by 5.5 per cent this year and 5.4 per cent next year. Despite escalating geopolitical tensions, most countries in the region have maintained their economic momentum.
Maintaining Growth in a Fast-Aging Asia
SINGAPORE – Asia has been the world champion of economic growth for decades, and this year will be no exception. According to the latest International Monetary Fund Regional Economic Outlook (REO), the Asia-Pacific region’s GDP is projected to increase by 5.5% in 2017 and 5.4% in 2018. Despite escalating geopolitical tensions, most countries in the region have maintained their economic momentum.
How can Asia tackle tough economic conditions?
A new reality is emerging in Asia. In recent decades, many of Asia’s economies have boomed. The region today accounts for about 40% of the world’s GDP – up from 25% in 1990 – and contributes about two-thirds of global economic growth. There’s more. Asia has made unprecedented strides in reducing poverty and improving broad development indicators. The poverty rate fell from 55% in 1990 to 21% in 2010, while education and health outcomes have improved significantly.
Building on Asia's Strengths During Turbulent Times
Changyong Rhee, director of the Asia and Pacific department of the International Monetary Fund (IMF), delivered the speech “Building on Asia's Strengths During Turbulent Times” at a PIIE event on May 26, 2016. Rhee discussed spillovers from China’s rebalancing and economic transition towards a more sustainable growth model.
Managing China’s Economic Transition
From advanced economy financial markets to developing country commodity producers, the world has closely followed developments in China in recent months. After 35 years of extraordinarily rapid growth, the Chinese economy is undergoing a major transition from export-led growth to a model increasingly driven by consumption and services, with less emphasis on debt-financed public investment.
6 things China can do to boost entrepreneurialism
After decades of the fastest economic growth in the world, China’s economy has started to slow down. This is perhaps inevitable, given an average annual growth rate of around 10% was sustained for almost thirty years following the economic reforms introduced by Deng Xiaoping in the late 1970s. But one area where China continues to develop is in the number of private enterprises being started.
Can Abenomics Succeed? Overcoming the Legacy of the Lost Decades
Abenomics can succeed, despite recent setbacks to growth and inflation, in revitalizing Japan by making steadfast progress on all three of its arrows equally and simultaneously, as we show in our new book. This is also essential to avoid an undue weakening of the yen and ensure positive spillovers to Japan’s neighbors, its region, and the global economy.
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