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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 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 »

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 »

World risks second Great Depression due to coronavirus: Chinese central bank

Karen Yeung, South China Morning Post
Posted at Apr 06 07:45 AM

China's central bank has warned the international community to be alert to the risk of a "Great Depression" in the wake of the COVID-19 outbreak, although it said the chances of this occurring was low. 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 »

Fed's Powell: Will keep lending 'aggressively' to support economy

Agence France-Presse
Posted at Mar 26 09:02 PM

Federal Reserve Chairman Jerome Powell said Thursday the US central bank will continue to "aggressively" pump liquidity into the economy to weather the impact of the coronavirus pandemic. 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 »

PH banks 'adequately capitalized' to extend loan payments: BSP

ABS-CBN News
Updated as of Mar 22 11:46 AM

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday Philippine banks were "adequately capitalized" to help millions under lockdown due to the COVID-19 pandemic keep up with their loan payments. 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 »