Understanding resilience: Lessons from past crises and recoveries

The Asia-Pacific region is no stranger to crises which leave behind severe economic impacts. In Indonesia and Thailand, the 1997 Asian financial crisis was associated with a medium-term output loss of 69 per cent and 109 per cent of GDP respectively, as well as large increases in public debt (Laeven and Valencia, 2018). In the Pacific islands, where natural disasters are frequent, since the 1980s an average disaster event caused damage valued at 14 per cent of GDP and adversely affected 11 per cent of the population (Lee, Zhang and Nguyen, 2018).

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