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COVID crisis sinks global economy in 2020, collapsing GDP 4.9 percent: IMF

Heather Scott, Agence France-Presse
Posted at Jun 24 09:47 PM

The global coronavirus pandemic has sparked an economic "crisis like no other," sending world GDP plunging 4.9 percent this year and wiping out $12 trillion over two years, the IMF said Wednesday. Read more »

Equities stutter on economy, second wave fears

Agence France-Presse
Posted at Jun 12 04:38 PM

Equities and oil sank Friday while the dollar rallied as investors ran for the hills following the worst Wall Street rout since March, fuelled by worries about the economic recovery and a second virus wave in the US. Read more »

Virus cuts G20 GDP by record 3.4 percent in first quarter: OECD

Agence France-Presse
Posted at Jun 11 08:50 PM

Measures to curtail the coronavirus outbreak caused a 3.4 percent drop in GDP for the Group of 20 major economies in the first three months of 2020, the largest decline since records began in 1998, the OECD said Thursday.   Read more »

Global economy to shrink 6 percent in 2020 on virus pandemic: OECD

Kyodo News
Posted at Jun 10 08:35 PM

The global economy is projected to shrink 6.0 percent in 2020 from the previous year, the OECD said Wednesday, labeling the new coronavirus pandemic as the worst economic crisis since World War II.   Read more »

Debt relief for poorest countries could extend beyond 2020, G7 says

Andrea Shalal, Reuters
Posted at Jun 04 08:27 AM

Group of Seven finance ministers on Wednesday said a debt relief initiative for the world's poorest countries could be extended beyond the end of the year to help deal with economic fallout from the coronavirus pandemic. Read more »

Europe's factories starting to recover, Asia's pain worsens

Jonathan Cable and Leika Kihara, Reuters
Posted at Jun 01 05:53 PM

European manufacturers may be over the worst of a coronavirus-driven downturn, but Asia's pain deepened in May due to a slump in global trade, with export powerhouses Japan and South Korea seeing the sharpest falls in activity in over a decade, surveys showed. Read more »

Virus could cut up to 9.7 percent off global economy: ADB

Agence France-Presse
Posted at May 18 09:57 PM

The coronavirus pandemic could cut up to 9.7 percent off the global economy, the Asian Development Bank said Friday, doubling its previous estimate as the virus stifles trade and leaves millions jobless. Read more »

Virus could cut up to 9.7 percent off global economy: ADB

Agence France-Presse
Posted at May 15 05:16 PM

The estimated impact would cost as much as $8.8 trillion based on a range of scenarios, but ADB said government interventions could help offset the losses inflicted by the crisis.  Read more »

IMF chief lauds Japan's spending to combat pandemic, urges others to step up

Andrea Shalal, Reuters
Posted at May 01 08:38 AM

IMF chief Kristalina Georgieva on Thursday lauded Japan's plans to spend about 20 percent of its gross domestic product to respond to the economic challenges of the coronavirus pandemic and help the world's poorest countries, urging others to do their part. Read more »

Global trade will plunge by up to a third in 2020 amid pandemic: WTO

Agence France-Presse
Posted at Apr 08 11:32 PM

Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organization said Wednesday, warning that the numbers would be "ugly". Read more »

G-20 leaders to hold emergency talks Thurs. on virus pandemic

Kyodo News
Posted at Mar 25 08:09 PM

Leaders of the Group of 20 major economies will hold an emergency teleconference on Thursday to discuss a coordinated global response to the novel coronavirus pandemic, according to its host Saudi Arabia. Read more »

Coronavirus pandemic battering global economy: surveys

Leigh Thomas and Lucia Mutikani, Reuters
Posted at Mar 25 08:27 AM

Business activity collapsed from Australia, Japan and Western Europe to the United States at a record pace in March as measures to contain the coronavirus pandemic hammer the world economy, cementing economists' views of a deep global recession. Read more »

Global economy already in recession due to COVID-19: Reuters poll

Rahul Karunakar and Shrutee Sarkar, Reuters
Posted at Mar 20 08:39 AM

The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week. Read more »

OECD cuts 2020 global growth outlook on coronavirus outbreak

Kyodo News
Posted at Mar 02 09:40 PM

The Organization for Economic Cooperation and Development on Monday lowered its forecast for global economic growth this year, citing the impact of the new coronavirus epidemic on the manufacturing and travel sectors. Read more »

Coronavirus hits global factories, policy easing prospects rise

Jonathan Cable and Leika Kihara, Reuters
Posted at Mar 02 06:30 PM

Fears of a pandemic pushed markets off a precipice last week, wiping more than $5 trillion from global share values as stocks cratered, marking their steepest slump in more than a decade and stoking widespread expectations of monetary easing. Read more »

World Bank calls for global effort against virus

Agence France-Presse
Posted at Feb 04 08:23 AM

The new virus has infected 17,200 people and spread to more than 20 countries. China's financial markets tanked on Monday due to fears it could paralyze the country and harm the global economy. Read more »

Hit to global economy seen as China virus death toll hits 170

Muyu Xu and Cate Cadell, Reuters
Posted at Jan 30 08:42 PM

Hundreds of foreign evacuees from the Chinese city of Wuhan entered quarantine on Thursday as deaths from a fast-spreading virus rose to 170 and markets shuddered at the impact of an inevitable big hit to the world's No. 2 economy. Read more »

Global resource consumption tops 100 bn tonnes for first time

Marlowe Hood, Agence France-Presse
Posted at Jan 21 10:28 PM

The world is using up more than 100 billion tonnes of natural resources per year for the first time ever while global recycling of raw materials has fallen, according to a report released Tuesday. Read more »

IMF trims global growth estimates for 2020, 2021

Agence France-Presse
Posted at Jan 21 01:03 PM

In the latest update to its World Economic Outlook, the IMF cut the global growth estimate for 2020 to 3.3 percent, 0.1 percentage point lower than in the prior report released in October. It lowered the 2021 forecast by 0.2 percentage points, to 3.4 percent.   Read more »

World stock markets rally on hopes for stimulus, trade progress

Agence France-Presse
Posted at Aug 20 08:27 AM

Global stocks rallied Monday on rising optimism about stimulus measures in China and Germany as investors welcomed more conciliatory signs in the long-running US-China trade war. Read more »