Demonetisation necessary step to address corruption: US

Paris, Mar 2: A global agency says the spreading new virus could make the world economy shrink this quarter, for the first time since the international financial crisis more than a decade ago.

The Organization for Economic Cooperation and Development says Monday in a special report on the impact of the virus that the world economy is still expected to grow overall this year and rebound next year.

But it lowered its forecasts for global growth in 2020 by half a percentage point, to 2.4 per cent, and said the figure could go as low as 1.5 per cent if the virus lasts long and spreads widely.

The last time world GDP shrank on a quarter-on-quarter basis was at the end of 2008, during the depths of the financial crisis. On a full-year basis, it last shrank in 2009.

The OECD said China's reduced production is hitting Asia particularly hard but also companies around the world that depend on its goods.

It urged governments to act fast to prevent contagion and restore consumer confidence.

The Paris-based OECD, which advises developed economies on policy, said the impact of this virus is much higher than past outbreaks because "the global economy has become substantially more interconnected, and China plays a far greater role in global output, trade, tourism and commodity markets."

Rome, Mar 19: Italy on Wednesday reported 475 new deaths from the novel coronavirus, the highest one-day official toll of any nation since the first case was detected in China late last year.

The total number of deaths in Italy has reached 2,978, more than half of all the cases recorded outside China, while the number of infections stood at 35,713.

The previous record high of 368 deaths was also recorded in Italy, on Sunday. The nation of 60 million has now recorded 34.2 percent of all the deaths officially attributed to COVID-19 across the world.

With the death rate still climbing despite the Mediterranean country entering a second week under an effective lockdown, officials urged Italians to have faith and to stay strong.

"They main thing is, do not give up," Italian National Institute of Health chief Silvio Brusaferro said in a nationally televised press conference.

"It will take a few days before we see the benefits" of containment measures, said Brusaferro. "We must maintain these measures to see their effect, and above all to protect the most vulnerable."

Imposed nationally on March 12, the shutdown of most Italian businesses and a ban on public gatherings are due to expire on March 25.

But school closures and other measures, such as a ban fan attendance at sporting events, are due to run on until April 3.

A top government minister hinted Wednesday that the school closure would be extended well into next month, if not longer.

The rates within Italy itself remained stable, with two-thirds of the deaths -- 1,959 in all -- reported in the northern Lombardy region around Milan, the Italian financial and fashion capital.

Seoul, Jun 6: South Korea on Saturday reported 51 new cases of COVID-19, mostly in the densely populated capital region, as authorities scramble to stem transmissions among low-income workers who can't afford to stay home.

The figures announced by South Korea's Centers for Disease Control and Prevention brought national totals to 11,719 workers and 273 deaths.

At least 34 of the new coronavirus cases were linked to door-to-door sellers hired by Richway, a Seoul-based health product provider.

Vice Health Minister Kim Gang-lip said the spread of the virus among Richway sellers was particularly alarming as most of them are in their 60s and 70s. He called for officials to strengthen their efforts to find and examine workplaces vulnerable to infections.

More than 120 infections have also been linked to a massive warehouse operated by Coupang, a local e-commerce giant, which has been accused of failing to properly implement preventive measures and having employees work even when sick.

South Korea was reporting around 500 new cases per day in early March due to a massive outbreak surrounding the southern city of Daegu, before officials managed to stabilize the situation with aggressive tracking and testing.

But the recent resurgence of COVID-19 in the greater capital area, where about half of South Korea's 51 million people live, is now threatening to erase some of the country's hard-won gains. It has also led to second-guessing whether officials were too quick to ease social distancing and reopen schools.

Health authorities and hospital officials on Friday participated in a table-top exercise for sharing hospital capacities between Seoul and nearby cities and ensure swift transports of patients so that a spike of cases in one area doesn't overwhelm its hospital system.