Page 25 - Global Economy
Global economic outlook not as dark as expected three months ago: IMF
The IMF is due to release its latest World Economic Outlook on Oct. 13
 "Global economic outlook not as dark as expected three months ago: IMF")
IMF official warns coronavirus will weigh on some economies for years
The Fund has provided some $90 billion in total financing to 79 countries, including 20 in Latin America, since the start of the health crisis
 "IMF official warns coronavirus will weigh on some economies for years")
Argentina economy plunges record 19.1% in second quarter on pandemic impact
The steep fall, deeper than a 16.3% drop during Argentina's major 2002 crisis, came as the South American country imposed a strict lockdown in mid-March to stem the virus
 "Argentina economy plunges record 19.1% in second quarter on pandemic impact")
Our strategic objectives remain unchanged despite Covid: Saudi ambassador
"Bilateral trade between Saudi Arabia and India has increased significantly in the last two years, from $27 billion in 2018 -19 to $34 billion in 2019-2020"
 "Our strategic objectives remain unchanged despite Covid: Saudi ambassador")
Global economic recovery may take five years: World Bank chief economist
"There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years," Carmen Reinhart said
 "Global economic recovery may take five years: World Bank chief economist")
World Coronavirus Dispatch: OECD lowers decline in global economy to 4.5%
Trump says open to more stimulus spending, Australia unemployment drops, Richard Branson to raise $400 mn for ailing businesses and other pandemic-related news across the globe
 "World Coronavirus Dispatch: OECD lowers decline in global economy to 4.5%")
Global economic recovery may take five years: World Bank chief economist
The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank's chief economist Carmen Reinhart said on Thursday.
OECD raises prospects for global economy, scales them down for India
Finds scope of further monetary and fiscal stimulus limited in the country
 "OECD raises prospects for global economy, scales them down for India")
New Zealand economy in deepest recession as second-quarter GDP shrinks
The Reserve Bank of New Zealand had forecast a quarterly and annual GDP decline of 14% in its August statement
 "New Zealand economy in deepest recession as second-quarter GDP shrinks")
Net carbon zero economy possible by 2050 at low cost, says ETC report
The report said the impact of achieving a zero-carbon-emission economy on human welfare in 2050 will be hugely positive
 "Net carbon zero economy possible by 2050 at low cost, says ETC report")
Japan exports fall 15% in August as coronavirus pandemic pummels trade
Japan's trade surplus widened in August as the pandemic pummeled a wide array of industries and sapped consumer demand
 "Japan exports fall 15% in August as coronavirus pandemic pummels trade")
Argentina unveils post-crisis budget with 5.5% economic rebound in 2021
Argentina's economy is in recession for the third year in a row, with a central bank poll predicting a 12% contraction in 2020
 "Argentina unveils post-crisis budget with 5.5% economic rebound in 2021")
China's August industrial output accelerates as recovery gathers pace
An annual decline in fixed-asset investment over January-August also moderated due to government stimulus efforts
 "China's August industrial output accelerates as recovery gathers pace")
Asian economy to shrink, first time since 1960s, thanks to Covid-19: ADB
In India, where lockdowns have stalled private spending, GDP will shrink by 9% this year, sharply down from June's forecast of -4%
 "Asian economy to shrink, first time since 1960s, thanks to Covid-19: ADB")
UK economy extends recovery from Covid-19 crash, grows by 6.6% in July
Britain's economy grew for a third month in a row as the country tried to recover from its coronavirus lockdown crash, official data showed on Friday
 "UK economy extends recovery from Covid-19 crash, grows by 6.6% in July")
Pandemic prods Japanese firms to plan biggest capex cuts in decade
The dismal reading highlights the challenge facing Japan's next prime minister, to be chosen in a ruling party leadership race next week
 "Pandemic prods Japanese firms to plan biggest capex cuts in decade")
Japan firms want Yoshihide Suga to be next PM, tackle fiscal reform: Poll
Many companies said they seek no change in economic policy and called for more stimulus as a majority saw no end to the pandemic
 "Japan firms want Yoshihide Suga to be next PM, tackle fiscal reform: Poll")
Japan's rebounding July machinery orders tempered by fragile biz outlook
Corporate Japan is facing strains from steep declines in earnings, discouraging business investment as the economy grapples with its worst postwar slump
Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch
Fitch Ratings projected global GDP to contract 4.4 per cent in the current year but revised upwards China's growth estimate to 2.7 per cent for 2020
 "Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch")
Global economy seeing V-shaped recovery, inflation may rise: Morgan Stanley
The global economy is likely to recover to pre-pandemic levels by early next quarter, about three months earlier than previously expected, economists at Morgan Stanley said
 "Global economy seeing V-shaped recovery, inflation may rise: Morgan Stanley")
