Nowcasting the Economic Impact of COVID-19

Leverage Big Data to track COVID-19’s impact on economic activity in Asia and the Pacific!

We are looking for innovative data and ideas to track economic activity in Asia and the Pacific during the COVID-19 outbreak.

 CHALLENGE OVERVIEW 

Official statistics are usually reported on a monthly, quarterly or yearly basis, and with substantial lag—anywhere from a few weeks to several months. Data may not always be available, particularly in developing countries. In a fast-moving environment like that brought about by the COVID-19 outbreak, we need more timely data to make sense of how the pandemic is affecting economies.

 

How can we use Big Data to track COVID-19’s impact on economic activity in Asia and the Pacific, without having to wait for official statistics to be released?   

 

The COVID-19 pandemic has become a major global health crisis with far-reaching economic consequences. Many countries are closing borders, restricting travel, shutting down production, and closing shops and public places. In this difficult time, ADB is supporting its developing member countries (DMCs) through finance, knowledge, and partnerships.

In this challenge, we aim to provide timely measures of economic activity using alternative data sources and new approaches, so that policymakers and businesses can have a sense of real-time economic performance (also known as “nowcasting”, as opposed to forecasting) as the crisis unfolds rapidly.  Several aspects of economic activity and performance will be tracked across four themes listed below.

THE FOUR TRACKS

PRODUCTION

DEMAND

EXTERNAL TRADE AND INCOME


PRICES


THE TIMELINE

 
  • APPLICATION

    APRIL 24 - JUNE 26

    Participate individually or team up with others. Submit your solution on or before the closing date.

  • SHORTLISTING

    JULY 3

    Up to 20 shortlisted teams will be announced.

  • MENTORING

    JULY 4 - 10

    Connect with ADB economic experts to understand the context of the problem and refine your solution.

 

 GRAND FINALE 

  
AUGUST 3, 2020
 
 
PITCH YOUR IDEA TO OUR JURY
AND CONNECT WITH ADB ECONOMIC LEADERS!
 

 

 WHAT'S IN IT FOR YOU? 

 

Win up to  USD 10,000  seed funding for pilot testing of the selected solutions and a chance to implement your solution with ADB!