Calls for Australian businesses to diversify away from China as their main trading partner are nothing more than a “zombie economic idea” that is being used as a political tool to expedite the decoupling of the two countries, according to a report by the Australia-China Relations Institute at the University of Technology Sydney.The debate about Australia’s over-dependence on China for its livelihood has ramped up recently, triggered by the interruption of supply chains during China’s…

“Next year, the Cuban economy will continue to progress despite the blockade, external financial restrictions and the international situation,” asserted Minister of the Economy Marino Murillo Jorge, during a November 28 Council of Ministers meeting, presided by President Raúl Castro Ruz. The 2015 Economic Plan, Murillo reported, is fundamentally focused on maximizing efficiency...

CARICOM-CUBA SUMMIT Toward the indispensable political, economic and social integration of Latin America and the Caribbean Key remarks by President Raúl Castro opening the Fifth CARICOM-Cuba Summit in Havana, December 8, 2014

There are three key strategies that can help Viet Nam achieve its ambitious development targets in the coming years.

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With timely and well-targeted programs, policy makers can prevent the health crisis from deepening into a wider economic and financial crisis. This could sow the seeds of economic recovery.  

Bold action is required by policymakers and central bankers to keep the region’s economies afloat and contain the pandemic.

Environmental monitoring reports describe the environmental issues or mitigation measures of a project. This document dated May 2020 is provided for the ADB project 43319-022 in the Lao People's Democratic Republic.

Speaker Nabih Berri said it was necessary and urgent to implement measures to halt Lebanon’s economic collapse, local newspaper Al-Joumhouria reported Saturday.

KARACHI: The State Bank of Pakistan (SBP) on Friday allowed subsidised financing for setting up of new plants and expansion of existing units while the maximum amount for a single unit has been set at Rs5 billion to boost economic activities in the manufacturing sector.

The SBP on Friday said it has opened up its subsidised Temporary Economic Relief Facility (TERF) for Balancing, Modernization and Replacement (BMR) and expansion of existing projects.

Under this scheme, the SBP provides refinance to banks for their onward extension of financing at maximum end-user rate of seven per cent for 10 years.

“The maximum financing for a single project under the scheme is Rs5bn. The objective of this facility is to boost economic activity through investments in manufacturing units,” said the SBP.

While allowing the BMR and expansion of existing projects, the SBP has permitted financing for purchase of new-imported and locally-manufactured plant and machinery against foreign letter of credit (LC) and inland LC.

“The funding under the facility cannot be used for procurement of second-hand machinery, land or carrying out civil works,” said the SBP.

According to the circular issued by the central bank, in addition to new projects, existing projects and businesses are being allowed to avail financing under these facilities for BMR and expansion of their projects or businesses.

“This measure has been taken to provide further stimulus to the economy in the context of Covid-19’s impact on the economy, to support investment in the country for modernising or expanding manufacturing and production units, and in response from feedback from stakeholders,” said the SBP.

The central bank said that, it has taken several measures since the outbreak of Covid-19 to safeguard economic activity in the country. On Mar 17, the SBP introduced TERF and its shariah-compliant version to stimulate new investment in the manufacturing sector.

With expansion in scope of the facility, the SBP expects that existing businesses will avail subsidised funding to improve productivity leading to higher economic activity and employment generation.

The banks and development finance institutions will be required to make disbursements to their customers on the basis of certificates of their internal audit confirming that financing is within the terms and conditions laid down in the facilities.

Borrowers will be required to submit a report from the Pakistan Banks Association-approved surveyors with regard to confirmation that the newly-purchased plant and machinery has been installed as per their initial request or proposal for BMR and expansion. In case of installation and fixation in part, this report will be required at first and final installation of the plant and equipment.

Published in Dawn, May 9th, 2020

ADB President Masatsugu Asakawa and Pakistan’s Federal Minister for Economic Affairs and ADB Governor Makhdoom Khusro Bukhtiar today discussed how ADB can scale up its support for the government’s response to the COVID-19...

ADB has approved $50 million in loan and grant financing to help the Government of the Kyrgyz Republic mitigate the significant negative health, social, and economic impacts of the novel coronavirus disease (COVID-19) pandemic.

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The Caspian region still has some alternatives that can develop it into a cohesive area.

The global financial architecture should focus on providing short-term lending facilities to improve the efficiency of developing projects.

Gradual integration and expansion would help intensify Asian economic integration through capacity-building and technological development from more advanced economic blocs.

The news-based economic policy uncertainty index, which is widely used in developed countries, has not properly captured the state of economic uncertainty in India.

Financial sector development can play a crucial role in driving economic growth.

The head of the International Monetary Fund on Friday signaled a possible downward revision of global economic forecasts, and warned the United States and China against rekindling a trade war that could weaken a recovery from the coronavirus pandemic.

Mexican President Andres Manuel Lopez Obrador said on Friday he aims to present plans next week to reopen the economy, as key sectors like carmaking look to begin business again after over a month of quarantine measures to curb the coronavirus outbreak.

Groundwater is best described as an open access good: as a common pool resource others cannot be excluded from using and as a finite resource, its consumption leaves less for others to enjoy. In addition to its obvious benefits to humans and animals, it contributes in sustaining the hydro-environment and life on the planet. Scarcity causes groundwater to become an economic good and have an economic value. By and large, economic valuations respond to changes in the quantity and quality of groundwater. They are based on willingness to pay for maintaining its benefits or willingness to accept compensation for giving them up. There have been some 50 published groundwater valuation studies worldwide in the last 30 years, mostly focusing on groundwater quality and contamination. There is sparsity of valuations in Africa and Asia. The results suggest median economic values of 60–160 and mean values of 70–480 US dollars per household per year. Generally, values are higher in the USA followed by Europe, and lowest in Asia. People's income is a major factor affecting values, but this does not mean that they value groundwater less. Economic valuations and cost–benefit analysis are useful in highlighting people's priorities and choice of options. However, economics alone should not dictate actions for protecting groundwater resources from degradation and depletion.

Introduction

Immunotherapy has become the standard of care in advanced non-small cell lung cancer (NSCLC). We aimed to quantify the economic impact, in France, of anti-PD-1 therapy for NSCLC.

THE CORONAVIRUS lockdown is now causing serious damage to the UK's economy, Tory MP Steve Baker has warned - stressing he was now "gravely concerned" at the situation

Experts discuss technological inequality and the “reskilling” problem at an MIT conference

President Donald Trump said on Thursday his administration was considering further economic measures, possibly via executive orders, to provide help against the economic fallout from the novel coronavirus pandemic.

Joseph R. Biden said Friday President Trump's ham-handed response to the coronavirus has helped to steer the nation into a Great Depression-like economic tailspin.

Mr. Biden said Mr. Trump "utterly failed" to prepare for COVID-19 and said the virus has "laid bare" the damage Mr. Trump has done by pursuing ...

Provisions for credit losses were $30.2 million, an increase of 397.9 per cent from a year earlier

Trying to make sense of calamities that have already caused more destruction to people’s livelihoods than the Great Recession

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Follow our live coronavirus updates here Coronavirus: the symptoms

Coronavirus: the symptoms

Dominic Raab has warned that a "second spike" in UK coronavirus cases would trigger a second lockdown which would "prolong the economic pain we are all going through".

Some 26 million people in the US have filed for unemployment benefits in five weeks since with the coronavirus outbreak forcing employers to close their doors.

Europeans will see the worst economic shock since the Great Depression due to coronavirus, the European Union predicted.

'It has become too difficult to make the 12-acre project financially viable'

Like most of us, Adam Tooze is stuck at home. The British-born economic historian and Columbia University professor of history had been on leave this school year to write a book about climate change. But now he’s studying a different global problem. There are more than 700,000 cases of COVID-19 in the United States and over 2 million infections worldwide. It’s also caused an economic meltdown. More than 18 million Americans have filed for unemployment in recent weeks, and Goldman Sachs analysts predict that U.S. gross domestic product will decline at an annual rate of 34 percent in the second quarter.

Tooze is an expert on economic catastrophes. He wrote the book Crashed: How a Decade of Financial Crises Changed the World, about the 2008 economic crisis and its aftermath. But even he didn’t see this one coming. He hadn’t thought much about how pandemics could impact the economy—few economists had. Then he watched as China locked down the city of Wuhan, in a province known for auto manufacturing, on January 23; as northern Italy shut down on February 23; and as the U.S. stock market imploded on March 9. By then, he knew he had another financial crisis to think about. He’s been busy writing ever since. Tooze spoke with Nautilus from his home in New York City.

What do you make of the fact that, in three weeks, more than 16 million people in the U.S. have filed for unemployment?

The structural element here—and this is quite striking, when you compare Europe, for instance, to the U.S.—is that America has and normally celebrates the flexibility and dynamism of its labor market: The fact that people move between jobs. The fact that employers have the right to hire and fire if they need to. The downside is that in a shock like this, the appropriate response for an employer is simply to let people go. What America wasn’t able to do was to improvise the short-time working systems that the Europeans are trying to use to prevent the immediate loss of employment to so many people.

The disadvantage of the American system that reveals itself in a crisis like this is that hiring and firing is not easily reversible. People who lose jobs don’t necessarily easily get them back. There is a fantasy of a V-shaped recovery. We literally have never done this before, so we don’t know one way or another how this could happen. But it seems likely that many people who have lost employment will not immediately find reemployment over the summer or the fall when business activity resumes something like its previous state. In a situation with a lot of people with low qualifications in precarious jobs at low income, the damage from that kind of interruption of employment in sectors notably which are already teetering on the edge—the chain stores, which are quite likely closing anyway, and fragile malls, which were on the edge of dying—it’s quite likely that this shock will also induce disproportionately large amounts of scarring.

What role has wealth and income inequality played during this crisis?

The U.S. economic system is bad enough in a regular crisis. In one like this, where you shut the entire economy down in a matter of weeks, the damage is barely conceivable. There are huge disparities, all of which ultimately are rooted in social structures of race and class, and in the different types of jobs that people have. The profound inequality in American society has been brought home for us in everyone’s families, where there is a radical disparity between the ability of some households to sustain the education of their children and themselves living comfortably at home. Twenty-five percent of kids in the United States appear not to have a stable WiFi connection. They have smartphones. That seems practically universal. But you can’t teach school on a smartphone. At least, that technology is not there.

Presumably by next year something like normality returns. But forever after we’ll live under the shadow of this having happened.

President Trump wants the economy to reopen by May. Would that stop the economic crisis?

Certainly that is presumably what drives that haste to restart the economy and to lift intense social distancing provisions. There is a sense that we can’t stand this. And that has a lot to do with deep fragilities in the American social system. If all Americans live comfortably in their own homes, with the safety of a regular paycheck, with substantial savings, with health insurance that wasn’t conditional on precarious employment, and with unemployment benefits that were adequate and that were rolled out to most people in this society if they needed them, then there wouldn’t be such a rush. But that isn’t America as we know it. America is a society in which half of families have virtually no financial cushion; in which small businesses, which are so often hailed as the drivers of job creation, the vast majority of owners of them live hand-to-mouth; in which the unemployment insurance system really is a mockery; and with health insurance directly tied to employment for the vast majority of the people. A society like that really faces huge pressures if the economy is shut down.

How is the pandemic-induced economic collapse we’re facing now different from what we faced in 2008?

This is so much faster. Early this year, America had record-low unemployment numbers. And last week or so already we probably broke the record for unemployment in the United States in the period since World War II. This story is moving so fast that our statistical systems of registration can’t keep up. So we think probably de facto unemployment in the U.S. right now is 13, 14, 15 percent. That’s never happened before. 2007 to 2008 was a classic global crisis in the sense that it came out of one particular over-expanded sector, a sector which is very well known for its volatility, which is real estate and construction. It was driven by a credit boom.

What we’re seeing this time around is deliberately, government-ordered, cliff edge, sudden shutdown of the entire economy, hitting specifically the face-to-face human services—retail, entertainment, restaurants—sector, which are, generally speaking, lagging in cyclical terms and are not the kind of sectors that generate boom-bust cycles.

Are we better prepared this time than in 2008?

You’d find it very hard to point to anyone in the policymaking community at the beginning of 2020 who was thinking of pandemic risk. Some people were. Former Treasury Secretary and former Director of the National Economic Council Larry Summers, for example, wrote a paper about pandemic flu several years ago, because of MERS and SARS, previous respiratory illnesses caused by coronaviruses. But it wasn’t top of stack at the beginning of this year. So we weren’t prepared in that sense. But do we know what to do now if we see the convulsions in the credit markets that we saw at the beginning of March? Yes. Have the central banks done it? Yes. Did they use some of the techniques they employed in ’08? Yes. Did they know that you had to go in big and you had to go in heavy and hard and quickly? Yes. And they have done so on an even more gigantic scale than in ’08, which is a lesson learned in ’08, too: There’s no such a thing as too big. And furthermore, the banks, which were the fragile bit in ’08, have basically been sidelined.

You’ve written that the response to the 2008 crisis worked to “undermine democracy.” How so, and could we see that again with this crisis?

The urgency that any financial crisis produces forces governments’ hands—it strips the legislature, the ordinary processes of democratic deliberation. When you’re forced to make very dramatic, very rapid decisions—particularly in a country as chronically divided as the U.S. is on so many issues—the risk that you create opportunities for demagogues of various types to take advantage of is huge. We know what the response of the Tea Party was to the ’08, ’09 economic crisis. They created an extraordinarily distorted vision of what had happened and then rode that to see extraordinary influence over the Republican party in the years that followed. And there is every reason to think that we might be faced with similar stresses in the American political system in months to come.

The U.S. economic system is bad enough in a regular crisis. In one like this, where you shut the entire economy down in a matter of weeks, the damage is barely conceivable.

How should we be rethinking the economy to buffer against meltdowns like this in the future?

We clearly need to have a far more adequate and substantial medical capacity. There’s no alternative to a comprehensive publicly backstopped or funded health insurance system. Insofar as you haven’t got that, your capacity to guarantee the security in the most basic and elementary sense of your population is not there. When you have a system in which one of the immediate side effects, in a crisis like this, is that large parts of your hospital system go bankrupt—one of the threats to the American medical system right now—that points to something extraordinarily wrong, especially if you’re spending close to 18 percent of GDP on health, more than any other society on the planet.

What about the unemployment insurance system?

America needs to have a comprehensive unemployment insurance system. It can be graded by local wage rates and everything else. But the idea that you have the extraordinary disparities that we have between a Florida and a Georgia at one end, with recipiency rates in the 11, 12, 13, 14, 15 percent, and then states which actually operate an insurance system, which deserve the name—this shouldn’t be accepted in a country like the U.S. We would need to look at how short-time working models might be a far better way of dealing with shocks of this kind, essentially saying that there is a public interest in the continuity of employment relationships. The employer should be investing in their staff and should not be indifferent as to who shows up for work on any given day.

What does this pandemic teach us about living in a global economy?

There are a series of very hard lessons in the recent history of globalization into which the corona shock fits—about the peculiar inability of American society, American politics, and the American labor market to cushion shocks that come from the outside in a way which moderates the risk and the damage to the most vulnerable people. If you look at the impact of globalization on manufacturing, industry, inequality, the urban fabric in the U.S., it’s far more severe than in other societies, which have basically been subject to the same shock. That really needs to raise questions about how the American labor market and welfare system work, because they are failing tens of millions of people in this society.

You write in Crashed not just about the 2008 crisis, but also about the decade afterward. What is the next decade going to look like, given this meltdown?

I have never felt less certain in even thinking about that kind of question. At this point, can either you or I confidently predict what we’re going to be doing this summer or this autumn? I don’t know whether my university is resuming normal service in the fall. I don’t know whether my daughter goes back to school. I don’t know when my wife’s business in travel and tourism resumes. That is unprecedented. It’s very difficult against that backdrop to think out over a 10-year time horizon. Presumably by next year something like normality returns. But forever after we’ll live under the shadow of this having happened. Every year we’re going to be anxiously worrying about whether flu season is going to be flu season like normal or flu season like this. That is itself something to be reckoned with.

How will anxiety and uncertainty about a future pandemic-like crisis affect the economy?

When we do not know what the future holds to this extent, it makes it very difficult for people to make bold, long-term financial decisions. This previously wasn’t part of the repertoire of what the financial analysts call tail risk. Not seriously. My sister works in the U.K. government, and they compile a list every quarter of the top five things that could blow your departmental business up. Every year pandemics are in the top three. But no one ever acted on it. It’s not like terrorism. In Britain, you have a state apparatus which is geared to address the terrorism risk because it’s very real—it’s struck many times. Now all of a sudden we have to take the possibility of pandemics that seriously. And their consequences are far more drastic. How do we know what our incomes are going to be? A very large part of American society is not going to be able to answer that question for some time to come. And that will shake consumer confidence. It will likely increase the savings rate. It’s quite likely to reduce the desire to invest in a large part of the U.S. economy.

Max Kutner is a journalist in New York City. He has written for Newsweek, The Boston Globe, and Smithsonian. Follow him on Twitter @maxkutner.

Lead image: Straight 8 Photography / Shutterstock

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