Growth and Globalization after the Pandemic



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After decades of increasing and intensifying globalisation, clear signs of a deceleration in globalisation emerged after the global financial crisis. The Covid-19 pandemic has amplified this trend; it may also accelerate the decoupling of the United States and China, and create stronger impetus for efforts at regionalisation and localisation. All this may hurt growth prospects of emerging markets that have depended on global trade, stable US-China economic relations, technology transfers and foreign direct investment to drive their growth. How prolonged are the effects of the Covid-19 on global trade, technology exchange and cross-border financial flows likely to be? How would China adapt its economic model in the post-Covid world? And how should emerging markets respond in a global economic system that may be significantly altered by Covid-19?

In this online expert panel, Alicia Garcia-Herrero will discuss de-globalisation in the context of US-China decoupling and implications for key emerging markets; David Skilling will examine how Hong Kong and Singapore (the two most globalised economies in the world) are responding and highlight the challenges that Asian emerging markets will face; and Albert Park will explore how the Chinese economy is likely to adapt to post-Covid realities and the likely impacts of China’s dual circulation strategy for emerging markets.

Agnes ChanEY Hong Kong and Macau Managing Partner, will give a welcome address while Donald Low, Professor of Practice of Public Policy at HKUST and Director of IEMS, will moderate the event.  



Alicia Garcia-Herrero, Adjunct Professor of Economics, HKUST

David Skilling, Director of Landfall Strategy Group

Albert Park, Chair Professor and Head of Economics, HKUST

This event is part of the HKUST IEMS & IPP - EY Emerging Market Insights Series, which is co-organized with HKUST Institute for Public Policy with support from EY.   

About the speakers

Alicia García Herrero is the Chief Economist for Asia Pacific at Natixis. She also serves as Senior Fellow at European think-tank BRUEGEL and Research Fellow at Real Instituto Elcano, and is currently Adjunct Professor at the Hong Kong University of Science and Technology. Finally, Alicia is an advisor to the Hong Kong Monetary Authority’s research arm (HKIMR) and the Asian Development Bank (ADB) as well as a member of the board of the Hong Kong Forum. More >> 

David Skilling is the founding Director of Landfall Strategy Group, an economic and policy advisory firm that works with governments, firms and financial institutions in Asia, the Middle East, and Europe, with a specific focus on small advanced economies.  David has previously worked in various roles in the New Zealand Government, founded an independent economic think tank in New Zealand, and was with the McKinsey Global Institute and McKinsey & Co in Singapore.  More >>

Albert Park is a development and labor economist who is an expert on China’s economic development. He is Head and Chair Professor of Economics, Chair Professor of Social Science, and Professor of Public Policy at HKUST. Professor Park is a Research Fellow of the Centre for Economic Policy Research (London), the Institute for the Study of Labor (IZA, Bonn), the International Growth Centre (Oxford/LSE/DFID), and the Human Capital and Economic Opportunity Working Group (Chicago). In recent years he has published articles in leading economics journals on firm performance, poverty and inequality, migration and employment, health and education, and the economics of aging in China. More >>

Further readings

Prof Garcia-Herrero's slides

Dr Skilling's slides

Prof Park's slides

HKUST IEMS Thought Leadership Brief #48 on Deglobalization in the Context of the United States-China Decoupling by Alicia Garcia-Herrero et al. 

HKUST IEMS Policy Brief #3 on Emerging Markets in Asia Need to Adapt Their Growth Model in a Post-COVID World by David Skilling

HKUST IEMS Policy Brief #4 on A tale of two cities: implications from Singapore & Hong Kong for Asian emerging markets by David Skilling. 




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