Covid and Southeast Asia: Not as Bad as it Looks

Crude prices, the other major component of the crisis, will save some economies

Markets are awash with scare stories generated by the Covid-19 crisis about so-called emerging markets, their currencies and their debts, some of which are justified but as far as much of Asia is concerned are barely supported by facts.

See how currencies have tumbled against the US dollar since the start of 2020. But now look at the realities of their e…