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- Exclusive coverage on Asia's business, economies and politics | Cancel anytime. Offer exclusive to the above link. Terms are subject to change. Above discount open to new subscribers only. |  | Governments from Japan to Thailand grapple with inflation, currency chaos and 'zombie companies' after biggest-ever bailout In the spring of 2020, economies all over the world were on the verge of destruction as the COVID-19 pandemic swept across the globe. Governments locked down their populations and monetary authorities lowered interest rates and increased access to funds to keep businesses from going under. The world's biggest central banks expanded their balance sheets by $10 trillion during 2020 and 2021 to stave off collapse. Two years later, economic life is slowly returning to normal. But central banks now face the aftermath of their extraordinary efforts. Their missions changed overnight from being the sober guardians of price stability, instead becoming bottomless fountains of cash. Now, however, both governments and their private sectors are saddled with a host of problems -- debt, inflation and exchange rate chaos, to name three -- and central banks have a new mission: to take back control. Many countries -- such as the United States -- are experiencing their highest rates of inflation in 40 years. Asian countries, including South Korea, Japan and Vietnam, have seen the flood of money fuel dramatic spikes in property prices. Read more. |  | Subsidies, big tax breaks and size of the workforce go into the equation Is $52 billion in cash from Washington enough to coax Asia's biggest chipmakers to set up plants in the U.S.? Apparently not. That is the amount that the U.S. government has earmarked as incentives to build up the domestic semiconductor industry after the COVID pandemic sparked one of the most severe and persistent chip shortages in history. But the sum, laid out in the CHIPS and Science Act that President Joe Biden signed into law in August, is just part of what the U.S. is putting on the table as it seeks to secure its tech supply chain. From New York to Arizona, city and state authorities see a once-in-a-generation opportunity to bolster their tech credentials and upgrade area workers' skills on par with cutting-edge wafer "fabs" -- and they are willing to pay to make it happen. Read more. |  | New programs kick off as companies struggle to find skilled workers During the peak of the COVID-19 pandemic, Singapore tightly closed its borders. While many countries did the same, it was a sharp shock to the system for a city-state that had thrived as a hub for travel and as a magnet for foreign workers. As some foreign nationals left, and entries were largely halted, Singapore's population dropped by 4.1% over the year through June 2021, to 5.45 million. The latest data released on Sept. 27, however, shows nearly as swift a turnaround, thanks to a gradual lifting of restrictions. The population rebounded by 3.4% to 5.63 million, largely driven by workers in sectors like construction and shipyards -- the unsung labor that keeps the economy going. Read more. | If you no longer wish to receive information like this, unsubscribe here by unchecking "Receive invites, events and offers from Nikkei Asia and the Nikkei Group" on the "Profile & Newsletters" tab. You need a password registered to log in to your account. Go to the log in window and click "Forgot password?" to register a password. 1-3-7, Otemachi, Chiyoda-ku, Tokyo, 100-8066, Japan
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