Govts should mobilise more domestic resources via tax reforms: Albert Park

In an Q&A, ADB Chief Economist Albert Park tells that countries in region may not be able to carry on with large expenditures and social transfers meant for pandemic, given rising debt burden

The Asian Development Bank (ADB) is going to downgrade its growth forecast and upgrade inflation projection for the region in the Asian Development Outlook later this month. ADB Chief Economist Albert Park tells Asit Ranjan Mishra that countries in the region may not be able to carry on with large expenditures and social transfers meant for the pandemic, given the rising debt burden. Edited excerpts:

How different is the current economic turmoil from the past ones? How long may it last? 

There are two things. The pandemic itself was really a very unusual type of global economic shock. There was