IMF, G-20: Recovery from recession at risk
Manila Bulletin|November 21, 2020
Fresh restrictions due to resurgence of COVID-19 cited

Leaders of the global economy are warning that the recovery from this year’s recession is at risk and could be derailed as the resurgence of COVID-19 forces fresh restrictions on households and companies.

Both the International Monetary Fund (IMF) and the Group of 20 (G-20) – which comprises the world’s richest nations – sounded the alert as leaders of the G-20 prepare for a virtual summit this weekend, hosted by Saudi Arabia. The IMF noted progress on a vaccine but also said elevated asset prices point to a disconnect from the real economy and a potential threat to financial stability.

“While global economic activity has picked up since June, there are signs that the recovery may be losing momentum, and the crisis is likely to leave deep, unequal scars,” officials at the Washington-based fund said in a report published Thursday. “Uncertainty and risks are exceptionally high.”

The UK, Germany, and France as well as parts of the US and Australia are among those with new curbs on movement and businesses to contain the pandemic. They’re not as stringent as the lockdowns imposed earlier in the year, but are still enough to damage growth.

“The recovery is uneven, highly uncertain and subject to elevated downside risks, including those arising from renewed virus outbreaks in some economies,” the G-20 said in a draft communique seen by Bloomberg. “We are determined to continue to use all available policy tools as long as required to safeguard people’s lives, jobs, and incomes, support the global economic recovery, and enhance the resilience of the financial system.”

Continue reading your story on the app

Continue reading your story in the newspaper

MORE STORIES FROM MANILA BULLETINView All

Sara most qualified to run for president in 2022 – Roque

Davao City Mayor Sara Duterte Carpio is the most qualified to run for president in the next elections, according to presidential spokesman Harry Roque.

1 min read
Manila Bulletin
January 16, 2021

Wood fuels post-Harden Rockets; Raptors prevail

2020-2021 NBA SEASON

1 min read
Manila Bulletin
January 16, 2021

Petecio ‘excited, nervous' in restart

PSC’s Ramirez orders strict health compliance

2 mins read
Manila Bulletin
January 16, 2021

Ongoing US woes bound to affect us

The world is closely watching unfolding events in the United States in the next few days leading to the oath-taking of Joseph Biden as the 46th president of the United States. The peaceful and systematic transition of one administration to the next has always been a hallmark of the American system of government. But now there is uncertainty because of what happened in the US Capitol last Thursday.

2 mins read
Manila Bulletin
January 16, 2021

Equitable access to vaccines now the most urgent focus – WHO

GENEVA, Switzerland (Xin-hua) — The most urgent focus now for the World Health Organization (WHO) is ensuring that all countries have access to vaccines on an equitable basis, WHO Director-General Tedros Adhanom Ghebreyesus said Thursday.

1 min read
Manila Bulletin
January 16, 2021

Be Digitally Responsible!

National Privacy Commission with Globe launched a program for the young Filipino about digital citizenship

3 mins read
Manila Bulletin
January 15, 2021

Calambubble - Boxers, Karatekas, Jins Head For Training Facility

Bubble training for Philippine Olympic hopefuls and qualifiers for three combat sports begins today with coaches and athletes from the boxing team entering the facility at the Inspire Sports Academy in Calamba, Laguna.

1 min read
Manila Bulletin
January 15, 2021

2020-2021 NBA Season - Rockets Grant Wish Of Sulking Harden

Ex-Houston star forms power Brooklyn trio with KD, Kyrie

2 mins read
Manila Bulletin
January 15, 2021

Welcome To Visiting China Foreign Minister

We welcome the visit to the Philippines today of China’s Foreign Minister and State Councilor Wang Yi. It comes in the wake of the welcome news that the Philippines will be receiving 25 million doses of China’s Sinovac vaccine, with the first shipment of 50,000 doses coming next month.

2 mins read
Manila Bulletin
January 15, 2021

Pfizer Vaccine Approved For Emergency Use In PH

The Food and Drug Administration (FDA) announced on Thursday that it has authorized the Pfizer-BioNTech COVID-19 vaccine for emergency use in the Philippines.

1 min read
Manila Bulletin
January 15, 2021
RELATED STORIES

KRISTALINA GEORGIEVA: ‘Been There, Done It'

Growing up in communist Bulgaria turned the IMF’s managing director into a committed capitalist. Now she wants to help make capitalism better

10+ mins read
Bloomberg Markets
October - November 2020

This Time Really is Different

CARMEN REINHART and KENNETH ROGOFF studied eight centuries of economic data to show how similar most financial crises are. We asked them what they think about 2020

10+ mins read
Bloomberg Markets
June - July 2020

PMC fact.8 signature

LOUDSPEAKER

10 mins read
Stereophile
May 2020

Richest Countries Agree To Freeza Poorer Nations' Debt

The world’s richest countries agreed to freeze poor nations’ debt obligations, shortly after nearly 20 European and African leaders made a joint appeal for a massive international effort to boost Africa’s coronavirus response, saying that “only a global victory that fully includes Africa can bring this pandemic to an end.”

4 mins read
Techlife News
April 18, 2020

What If Whatever It Takes Is Not Enough?

Countries must overcome nationalist impulses and mistrust to coordinate a global response to the virus

6 mins read
Bloomberg Businessweek
March 23, 2020

Economics – Conciliator-In-Chief

Can Christine Lagarde heal the rifts at the European Central Bank left behind by Super Mario?

6 mins read
Bloomberg Businessweek
November 11, 2019

Economic activities spurring across sectors

In his recent interview, Prime Minister Narendra Modi looked very confident on the economy while he quoted: “India is the third largest economy in terms of purchasing power parity. We want India to become the third largest in terms of current US dollar prices as well. The $5 trillion target will help us achieve that.”

2 mins read
Investors India
November 2020

GITA GOPINATH

The intellectual powerhouse and first female chief economist at the International Monetary Fund has taken on the greatest challenge of her career—to guide global economic policy as we enter the worst recession since the Great Depression, writes Shahnaz Siganporia

6 mins read
VOGUE India
November 2020

From IMFL, now country liquor in paperboard cartons

While glass scores on brand image and usable, cardboard cartons are less priced, safe from adulteration and easy to transport, the industry after using it for low priced IMFL brands have switched to country liquor, which can be a good proposition for consumers seeking cheap, convenient, tasty and safe liquor.

6 mins read
Ambrosia
August 2020

INDIA: DESERVES TO BE THE WORLD'S NEW MANUFACTURING HUB

In view of the recent ecological and geopolitical developments in the world, there is a strong quest for world’s new manufacturing hub. This article makes an attempt to discuss the strong claim of India for this position because of its political, economical, geographical and legal edges. This article concludes with opportunity available to India and the need of policy makers to encash the same.

10+ mins read
The Management Accountant
August 2020