coronavirus-recession | ABS-CBN News

PH full economic recovery may take 4-5 yrs: Biz leaders

Bruce Rodriguez, ABS-CBN News
Posted at Feb 03 09:03 PM

Some business leaders warned of a slowed growth for the Philippines, saying full recovery could take four to five years if the country will not relax foreign ownership and accelerate consumption. Read more »

India’s economy shrank nearly 24 pct last quarter

Sameer Yasir and Jeffrey Gettleman, The New York Times
Posted at Sep 01 06:39 AM

The Indian economy contracted by 23.9 percent in the second quarter, the most drastic fall in decades, as lockdown restrictions meant to contain the spread of the coronavirus wiped out jobs and businesses.  Read more »

French economy to shrink 11 percent this year: minister

Agence France-Presse
Posted at Jun 02 08:19 PM

The French economy is expected to shrink 11 percent this year because of the coronavirus crisis, a "brutal" shock and worse than the government's previous forecast of an eight percent contraction, Finance Minister Bruno Le Maire said Tuesday.   Read more »

Asia's factory pain worsens as China's recovery fails to lift demand

Leika Kihara, Reuters
Posted at Jun 01 02:05 PM

Asia's factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.   Read more »

UK economy crumbles under coronavirus strain; questions mount over lockdown exit

Guy Faulconbridge and Andy Bruce, Reuters
Posted at Apr 23 09:55 PM

The United Kingdom's economy is crumbling under the strain of the coronavirus lockdown and government borrowing is soaring to the highest levels in peacetime history, increasing pressure on the government to set out an exit strategy. Read more »

Globalization as we know it is 'over' due to COVID-19, says billionaire Razon

Cathy Yang and Joel Guinto, ABS-CBN News
Updated as of Apr 22 02:33 PM

Globalization as we know it is "over" because of the coronavirus pandemic, billionaire port magnate Enrique Razon said Wednesday, as lockdowns and travel restrictions put businesses on pause. Read more »

Pandemic to bring Asia's 2020 growth to halt for 1st time in 60 years: IMF

Leika Kihara, Reuters
Posted at Apr 16 08:46 AM

Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday. Read more »

IMF chief economist says 100 countries seek pandemic aid

Andrea Shalal and David Lawder, Reuters
Posted at Apr 15 08:06 AM

The International Monetary Fund's $1 trillion in lending capacity is "quite substantial" to help members deal with the coronavirus pandemic, but further resources may be needed as the full brunt of the crisis reaches developing countries, its chief economist told Reuters in an interview on Tuesday. Read more »

World Bank approves $500 million loan for Philippines to fight COVID-19

ABS-CBN News
Posted at Apr 10 12:43 PM

The World Bank said Friday it approved a $500 million loan to the Philippines to help the Southeast Asian nation fight the COVID-19 pandemic.   Read more »

World faces worst crisis since Great Depression: IMF chief

Agence France-Presse
Posted at Apr 10 08:35 AM

The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said Thursday. Read more »

Recession risk 'real,' Bangko Sentral ready to cut interest rates further: Diokno

ABS-CBN News
Updated as of Apr 05 01:40 PM

MANILA - The Philippine central bank has space to cut interest rates further faced with a "real risk" of recession due to the coronavirus pandemic, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday. Read more »

Why the global recession due to COVID-19 could last a long time

Peter S. Goodman, The New York Times
Posted at Apr 02 08:49 AM

The world is almost certainly ensnared in a devastating recession delivered by the coronavirus pandemic.   Read more »

With economy at standstill, Philippines must be fast, decisive on stimulus: analysts

Jessica Fenol, ABS-CBN News
Posted at Mar 23 03:04 PM

The Philippines needs to move swiftly and decisively on a stimulus plan for the economy, which is currently at a standstill due to the coronavirus pandemic, analysts said Monday, as President Rodrigo Duterte sought additional powers from Congress. Read more »

Online transactions 'better' than holding cash: central bank

ABS-CBN News
Updated as of Mar 22 11:55 AM

Millions of Filipinos should transact digitally when possible and avoid hoarding cash, as banks move to keep branches and ATMs running during the 1-month lockdown of Luzon to contain the COVID-19 pandemic, the central bank said Sunday. Read more »

Bangko Sentral readies full arsenal to rescue Philippine economy from COVID-19

ABS-CBN News
Posted at Mar 20 04:45 PM

The Bangko Sentral ng Pilipinas said Friday it was prepared to deploy its full monetary and regulatory arsenal to help the economy recover from the COVID-19 pandemic. Read more »