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Archive for the tag “Economy”

India’s PM Modi Seeks ‘Forgiveness’ Over Lockdown

India’s prime minister has asked for his country’s forgiveness after imposing a sweeping lockdown that he said had hurt millions of poor people. Criticism has mounted over the lack of planning ahead of the coronavirus shutdown, which was introduced with less than four hours’ notice. Many of India’s 1.3 billion citizens have been left jobless and hungry. Tens of thousands of migrant labourers have been forced to walk hundreds of kilometres to their native villages.

Read Here – BBC News

India Cuts Rates As Distress Mounts Across South Asia Over Coronavirus

India’s central bank slashed interest rates in an emergency move on Friday to counter the economic fallout from the coronavirus pandemic after the federal government locked down the country in order to slow the spread of infections across the region.

Read Here – Reuters

G20 Nations Vow To Inject $5 Tn To Fight Covid-19, Global Slump

Leaders of the Group of 20 or G20 major economies on Thursday pledged to infuse over $5 trillion into the global economy, and do “whatever it takes” to minimize the economic and social impact of the Covid-19 pandemic. In a joint statement issued after the G-20’s first ever virtual summit, chaired by Saudi Arabia, members committed themselves to restore global growth, maintaining market stability and strengthening resilience. Prime Minister Narendra Modi was among leaders who participated in the video conference.

Read Here – MInt

A Greater Depression?

With the COVID-19 pandemic still spiralling out of control, the best economic outcome that anyone can hope for is a recession deeper than that following the 2008 financial crisis. But given the flailing policy response so far, the chances of a far worse outcome are increasing by the day.

Read Here – Project Syndicate

Great Power Competition After the Coronavirus Crisis: What Should America Do?

Sooner or later, the world will bend the curve on the coronavirus, and the great power competition will pick up where it left off. The time to start assessing what that means for U.S. foreign and security policy in a post-pandemic world starts now. Washington ought to turn its attention first to those parts of the world most vital to U.S. interests.

Read Here – The National Interest

Modi Asks 1.3 Billion Indians To Stay Indoors In Virus Fight

India’s Prime Minister Narendra Modi urged the country’s 1.3 billion citizens to stay indoors to protect themselves from the fast-spreading coronavirus, hours after the government announced it was barring all international flights from landing in the country for a week starting March 22. “We are a developing nation and for a country like us, this corona crisis is not an ordinary thing,” Modi said in an address to the nation, noting the pandemic had hit India’s economy.

Read Here – Bloomberg

The Real Pandemic Danger Is Social Collapse

The main (perhaps even the sole) objective of economic policy today should be to prevent social breakdown. Advanced societies must not allow economics, particularly the fortunes of financial markets, to blind them to the fact that the most important role economic policy can play now is to keep social bonds strong under this extraordinary pressure.

Read Here – Foreign Affairs

How Bangladesh Is Developing Without Riches

Bangladesh today is one of South Asia’s development success stories, with sustained growth of more than eight per cent and social indicators that are beginning to outstrip the rest of the region. It is also a country where more so than anywhere else in the region the independent press and opposition parties have withered away into near irrelevance.

Read Here – The National

World Faces ‘Similar Economic Shocks’ To China As Global Lockdowns Escalate

A series of grim economic numbers from China have given the world a glimpse of what might lie ahead, as countries embark on draconian coronavirus containment measures. The Chinese economy went into free fall over the first two months of the year, data released on Monday showed, with industry, retail and investment all shrinking for the first time in history, each by double-digits.

Read Here – South China Morning Post

The COVID-19 Debt Deluge

How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone’s guess. But even if the pandemic’s economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front lines of the outbreak.

Read Here – Project Syndicate

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