Assc. Prof. Dr. Dayang Affizzah Awang Marikan

The title of my keynote is:

"Navigating Asian Economic Transformation: Overcoming Income Disparity, Unemployment, and Building a Resilient Future"

Nations experienced severe economic difficulties in addition to the devastating health catastrophe. In the wake of the COVID-19 epidemic, major changes in Asia's economic structure, job trends, and wealth disparity have occurred.

The rapid adoption of technology and digitalization has been one key alteration in the economic structure. Businesses had to quickly adjust to remote labour and internet operations as nations imposed lockdown protocols and social distance protocols. Growing reliance on digital services, telecommunications infrastructure, and e-commerce has resulted from this change. The already technologically advanced Asian nations saw a further boom in the digital economy, with industries like e-commerce, fintech, and online entertainment seeing major expansion.

However, this change also brought about new employment difficulties. Traditional industries including retail, hotels, and tourism suffered serious setbacks even as the digital economy grew.. Unemployment rates increased dramatically in several Asian nations, leaving millions of employees without a source of income or job stability. In Asia, the informal sector, which frequently employs a sizeable segment of the population, was particularly hard impacted.

Income disparity widen.Although persons in all income levels were impacted by the economic slump, those in lower income groups bore a disproportionate share of the cost. Due to job losses and decreased salaries, low-wage workers, especially migrant workers and workers paid on a daily basis, experienced severe problems. On the other side, the wealthiest portions of society amassed greater money as the lower-income groups battled to make ends meet, and this difference in fortunes worsened income inequality.

Significant changes in Asia's economic structure, job environment, and wealth disparity were brought about by the COVID-19 pandemic and here to stay still. Digitalization, e-commerce, and supply chain diversification all accelerated quickly in the area, bringing with them new potential and difficultiesWill there be resilient future and fair economic development and income distribution in years to come for Asian region?