The IMF expects a 7.6 per cent expansion in Asian economic growth next year on the assumption that containment policies succeed but added the outlook was highly uncertain. The IMF says, Asian policymakers must offer targeted support to households and firms hit hardest by the pandemic, calling also for efforts to provide ample liquidity to markets and ease financial stress faced by small and midsize firms.

Asian countries should focus on preventing small firms from going under to stop a sharp increase in unemployment. Emerging economies in the region should tap bilateral and multilateral swap lines, seek financial support from multilateral institutions, and use capital controls as needed to battle any disruptive capital outflows caused by the pandemic.