Archives of “united nations” tag

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IMF: Virus stimulus should be targeted for cash transfers, wage subsidies and tax relief

  
  Analysis
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Comments from IMF chief economist Gopinath

  • Governments need ‘substantial’ targeted measures to combat economic drag from virus
  • Rate cuts and monetary stimulus may instill confidence but likely effective only after business conditions normalize
  • Central banks should be ready to boost liquidity and other lending to small business
  • Governments should consider temporary loan guarantees
Is it just me or are temporary loan guarantees insane? If a business is struggling, banks are going to offload that so fast on the government and they aren’t going to take it back. It’s basically a bailout in camouflage.

IMF on coronavirus and the global economy – damage this year; sharp, rapid rebound

  
  Analysis
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Comments from International Monetary Fund managing director Kristalina Georgieva over the weekend on the impact on the global economy

  • could damage global economic growth this year
  • a sharp and rapid economic rebound could follow
  • “There may be a cut that we are still hoping would be in the 0.1-0.2 percentage space”
  • full impact of the spreading disease would depend on how quickly it was contained – “I advise everybody not to jump to premature conclusions. There is still a great deal of uncertainty. We operate with scenarios, not yet with projections, ask me in 10 days”
  • If the disease is “contained rapidly, there can be a sharp drop and a very rapid rebound”, in what is known as the V-shape

WHO chief has met with China president Xi on coronavirus outbreak – spokesman

  
  Analysis
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WHO chief, Tedros Adhanom, is in China this week to discuss ways of containing the virus outbreak

The spokesman also said that Tedros has met up with top Chinese officials and discussed measures to protect Chinese and foreigners in areas affected by the coronavirus. They are also said to have discussed possible alternatives to evacuations.

Adding that Tedros did not travel to any place outside of Beijing and that the WHO emergency committee is being ‘kept in the loop’ about the situation.
Tedros is also coming under quite a bit of flak after the WHO previously described the virus risk as being “moderate” over the weekend before admitting to their mistake and correcting the risk to “very high in China and at a regional level, and high at a global level”.
It still doesn’t look like they will declare the virus as a public health emergency it seems.

IMF’s Georgieva: Uncertain situation is the new normal

  
  Analysis
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IMF chief, Kristalina Georgieva, speaks in Davos

Kristalina Georgieva
  • Uncertainty is the major downside risk for global economy
  • Wants to see governments stepping up action
  • The world is more shock-prone as it is interconnected currently
  • We are in a better place at the start of 2020 than in 2019
  • Sees signs of trade, industrial slowdown bottoming out
  • Consensus is that global rates will be low for longer
  • Fed, PBOC have policy space
  • Other countries need to look at fiscal tools more closely
Low growth, low rates. That is the new landscape that the world will have to deal with. And with central banks still injecting so much stimulus and being so cautious, we shouldn’t expect to see a crisis like the one in 2008-09 materialise.
However, any chance of major economies and the world returning back to what is perceived to be “normal” is probably not going to happen either.

IMF trims 2020 global growth forecast to 3.3% from 3.4% previously in October

  
Analysis, Economy
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IMF attributes the slight downwards revision to a sharper-than-expected anticipated slowdown in India

  • Sees tentative signs that manufacturing and global trade are bottoming out
  • That is partially due to the US-China trade deal
  • Sees risks less tilted to the downside than in October
  • US-Iran tensions, social unrest and a flare-up in trade tensions are key concerns
  • 2021 global growth forecast seen at 3.4% (3.6% previously)
  • US 2020 growth forecast seen at 2.0% (2.1% previously)
  • China 2020 growth forecast seen at 6.0% (5.8% previously)
  • Euro area 2020 growth forecast seen at 1.3% (1.4% previously)
  • UK 2020 growth forecast seen at 1.4% (unchanged)
  • India 2020 growth forecast seen at 5.8% (7.0% previously)

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Iran has enriched uranium beyond security limit set by nuclear deal

  
Analysis, Politics
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UN nuclear watchdog reports

The UN nuclear watchdog is out say that he ran has enriched uranium beyond purity limit set by nuclear deal.
Earlier, VP Pence in a speech did a little sabre rattling saying :
  • Iran should not confuse American restraint with the lack of American resolve
  • US does not seek a war with Iran and is willing to talk but America will not back down
  • US hopes for the best but US military is prepared to protect US interests, personnel in region

Tensions are getting a little higher as Iran presses US.

India has more cell phones than toilets: UN report

  
Analysis, Economy, Education, Life
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Far more people in India have access to a mobile phone than to a toilet, according to a UN study on how to improve sanitation levels globally.

India’s mobile subscribers totalled 563.73 million at the last count, enough to serve nearly half of the country’s 1.2 billion population.

But just 366 million people — around a third of the population — had access to proper sanitation in 2008, said the study published by the United Nations University, a UN think-tank.

“It is a tragic irony to think in India, a country now wealthy enough that roughly half of the people own phones,” so many people “cannot afford the basic necessity and dignity of a toilet,” said UN University director Zafar Adeel.

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