What’s new: Asia has outshined many other regions in terms of inflation control in the post-pandemic era, thanks to its more elastic labor supply and younger workforce, said Zhang Tao, chief representative of the Bank for International Settlements (BIS) office for Asia and the Pacific.
Emerging Asian economies have a more elastic labor supply than developed economies, especially in low-skilled labor sectors, Zhang said Thursday at the Caixin Summit. Despite a growing aging population in some countries, the whole of Asia still benefits from a younger demographic structure, he said.
