Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

CORONAVIRUS CREATES GRAVEST THREAT TO GLOBAL ECONOMY SINCE 2008

  • CBC News Team
Total
0
Shares
0
0
0

Grim forecast outlined in OECD’s latest Interim Economic Outlook

The coronavirus Covid-19 presents the global economy with its greatest danger since the financial crisis, according to the OECD’s latest Interim Economic Outlook.

Covid-19 is spreading from China to other regions causing human suffering and economic disruption. It is raising health concerns and the risk of wider restrictions on the movement of people, goods and services, falls in business and consumer confidence and slowing production.

The Interim Outlook presents both a best-case scenario in which the extent of the coronavirus is broadly contained and a “domino” prospect of contagion that is more widespread.

In both cases, the OECD calls on governments to act immediately to limit the spread of the coronavirus, protect people and businesses from its effects and shore up demand in the economy.

Even in the best-case scenario of limited outbreaks in countries outside China, a sharp slowdown in world growth is expected in the first half of 2020 as supply chains and commodities are hit, tourism drops and confidence falters. Global economic growth is seen falling to 2.4% for the whole year, compared to an already weak 2.9 % in 2019.  It is then expected to rise to a modest 3.3% in 2021.

Growth prospects for China have been revised down sharply to below 5% this year after 6.1% in 2019.

But broader contagion across the wider Asia-Pacific region and advanced economies – as has happened in China – could cut global growth to as low as 1.5% this year, halving the OECD’s previous 2020 projection from last November. Containment measures and loss of confidence would hit production and spending and drive some countries into recession, including Japan and the euro area.

Presenting the Interim Outlook, OECD Chief Economist Laurence Boone said: “The virus risks giving a further blow to a global economy that was already weakened by trade and political tensions. Governments need to act immediately to contain the epidemic, support the health care system, protect people, shore up demand and provide a financial lifeline to households and businesses that are most affected.”

The Outlook says that flexible working should be used to preserve jobs. Governments should implement temporary tax and budgetary measures to cushion the impact in sectors most affected by the downturn such as travel and tourism, and the automobile and electronic industries.

In the most affected countries, adequate liquidity needs to be provided to allow banks to help companies with cash-flow problems while containment measures are in force, it adds.

If the epidemic spreads widely, the G20 economies should lead an internationally co-ordinated framework for health care support, combined with co-ordinated fiscal and monetary stimulus to rebuild confidence, the Outlook adds.

Learn More: OECD

OECD_Coronavirus_Airport.jpg

Image display type

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

IMF STAFF COMPLETES VISIT TO KENYA

  • CBC News Team
Read More
Next Article

HIGHER EDUCATION TODAY

  • CBC News Team
Read More
You May Also Like
Flag of Nauru
Read More
  • Uncategorized

Celebrating Nauru Independence Day

  • CBC News Team
  • 31 January 2023
Malta encourages bilingualism with new policy
Read More
  • Education & Youth
  • EDUCATION
  • MALTA
  • EUROPE
  • Uncategorized

Malta encourages bilingualism with new policy

  • CBC News Team
  • 12 January 2023
Read More
  • Uncategorized

FREEDOM DAY – SOUTH AFRICA

  • CBC News Team
  • 27 April 2022
Read More
  • Uncategorized

Anzac day

  • CBC News Team
  • 25 April 2022
Read More
  • Uncategorized

HM THE QUEEN MARKS 70 YEARS AS HEAD OF COMMONWEALTH

  • CBC News Team
  • 5 February 2022
Read More
  • Uncategorized

NATIONAL DAY – GIBRALTAR

  • CBC News Team
  • 10 September 2021
Read More
  • Uncategorized

BIRMINGHAM 2022 FULLY ON TRACK TO STAGE WORLD CLASS EVENT

  • CBC News Team
  • 6 June 2021
Read More
  • Uncategorized

CGF COMMISSION SET FOR LATEST REVIEW OF BIRMINGHAM 2022

  • CBC News Team
  • 31 May 2021
OUR LATEST PUBLICATION

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • Nigerian communities file pollution case against Shell
    Nigerian communities file pollution case against Shell
  • Australian banknote Currency - Cash
    Australia removes monarch from banknotes
  • Flag of Nauru
    Celebrating Nauru Independence Day
  • Nigeria banknotes. Nigeriannaira bills. 1000 NGN polymer. Business, finance background.
    Nigeria postpones deadline to exchange old notes amid political pressure

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.