World Bank forecasts worst economic slump in South Asia in 40 years over corona

News Network
April 12, 2020

Apr 12: India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday.

The South Asian region, comprising eight countries, is likely to show economic growth of 1.8 per cent to 2.8 per cent this year, the World Bank said in its South Asia Economic Focus report, well down from the 6.3 per cent it projected six months ago.

India's economy, the region's biggest, is expected to grow 1.5 per cent to 2.8 per cent in the fiscal year that started on April 1. The World Bank has estimated it will grow 4.8 per cent to 5 per cent in the fiscal year that ended on March 31.

"The green shoots of a rebound that were observable at the end of 2019 have been overtaken by the negative impacts of the global crisis," the World Bank report said.

Other than India, the World Bank forecast that Sri Lanka, Nepal, Bhutan and Bangladesh will also see sharp falls in economic growth.

Three other countries - Pakistan, Afghanistan and the Maldives - are expected to fall into recession, the World Bank said in the report, which was based on country-level data available as of April 7.

Measures taken to counter the coronavirus have disrupted supply chains across South Asia, which has recorded more than 13,000 cases so far - still lower than many parts of the world.

India's lockdown of 1.3 billion people has also left millions out of work, disrupted big and small businesses and forced an exodus of migrant workers from the cities to their homes in villages.

In the event of prolonged and broad national lockdowns, the report warned of a worst-case scenario in which the entire region would experience an economic contraction this year.

To minimize short-term economic pain, the Bank called for countries in the region to announce more fiscal and monetary steps to support unemployed migrant workers, as well as debt relief for businesses and individuals.

India has so far unveiled a $23 billion economic plan to offer direct cash transfers to millions of poor people hit by its lockdown. In neighbouring Pakistan, the government has announced a $6 billion plan to support the economy.

"The priority for all South Asian governments is to contain the virus spread and protect their people, especially the poorest who face considerable worse health and economic outcomes," said senior World Bank official Hartwig Schafer.

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Agencies
July 9,2020

The new visa regulations requiring international students in the US with an F-1 visa to take at least one in-person course or face the prospect of deportation is likely to "cause uncertainties and difficulties" for some students, the Indian Embassy has said.

"These new modifications at a time when many of the US universities and colleges are yet to announce their plans for the new academic year are likely to cause uncertainties and difficulties for some Indian students wishing to pursue their studies in the US," said a spokesperson of the Indian Embassy.

Responding to media queries, the spokesperson said the Indian government has taken up the matter with concerned US officials.

At the India US Foreign Office Consultations held on July 7, Foreign Secretary Harsh Vardhan Shringla conveyed India's concerns on the matter to Under Secretary of State for Political Affairs David Hale.

According to a recent report of Student and Exchange Visitor Program (SEVP), there were 1,94,556 Indian students enrolled in various academic institutions of the US in January this year. Of these 1,26,132 were males and 68,405 were females.

Noting that partnership in higher education is a key component of the strong people-to-people ties between India and the US, the spokesperson said in the last two decades Indian students in American universities and colleges have been the harbingers of a strong partnership between technology and innovation sectors between the two countries.

The spokesperson hoped that the US authorities would provide adequate flexibility in their visa rule, keeping in mind the extraordinary circumstances created by the COVID-19 pandemic for the Indian students community.

We continue to engage all the stakeholders in the matters, including the US administration officials, Congressional leaders, universities and colleges as well as the Indian students community in the US as we move forward towards the 2020-21 academic year to further strengthen our bilateral partnership in higher education, the spokesperson said.

Announced by the SEVP on July 6, the new rules provide temporary exemptions for nonimmigrant students on F-1 and M-1 visas taking online classes due to the COVID-19 pandemic for the fall semester of the 2020 academic year.

While these modifications do provide some flexibility for US universities and colleges to adopt a hybrid model -- that is a mixture of online and in person classes -- they also restrict international students on F-1 and M-1 visas from taking courses entirely online, the spokesperson said.

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News Network
January 21,2020

Beijing, Jan 21: The Chinese official investigating a pneumonia outbreak stemming from a new coronavirus said the disease can spread from person to person but can be halted with increased vigilance, as authorities on Tuesday confirmed a fourth death.

Zhong Nanshan said there was no danger of a repeat of the Severe Acute Respiratory Syndrome (SARS) epidemic that killed nearly 800 people globally during a 2002-2003 outbreak, which started in China, as long as precautions were taken.

"It took only two weeks to identify the novel coronavirus," state news agency Xinhua quoted Zhong as saying late on Monday.

The outbreak was still in its early stages and China had good surveillance and quarantine systems to help control it, he added.

The outbreak has spread from the central city of Wuhan to cities including Beijing and Shanghai, with more than 200 cases reported so far. Four cases have been reported outside China - in South Korea, Thailand and Japan.

Australia on Tuesday said it would screen passengers on flights from Wuhan amid rising concerns that the virus will spread globally as Chinese travellers take flights abroad for the Lunar New Year holiday starting this week.

Authorities around the globe, including in the United States and many Asian countries, have stepped up screening of travellers from Wuhan.

Chinese authorities confirmed a total of 217 cases of the virus in China as of 6 p.m. (1000 GMT) on Monday, state television reported, 198 of which were in Wuhan.

A fourth person died on Jan. 19, the Wuhan Municipal Health Commission said. The 89-year-old man, who had underlying health diseases including coronary heart disease, developed symptoms on Jan. 13 and was admitted to hospital five days later, it added.

Zhong, who is renowned in China for his work fighting SARS in 2003, confirmed that the virus can pass from person-to-person.

Fifteen medical workers in Wuhan had been diagnosed with pneumonia, with one other suspected case, the Wuhan Municipal Health Commission said. Of the infected staff, one was in critical condition.

In Shanghai, officials on Tuesday confirmed a second case involving a 35-year-man who had visited Wuhan in early January, and said they were monitoring four other suspected cases.

The virus causes a type of pneumonia and belongs to the same family of coronaviruses as SARS. Symptoms include fever and difficulty in breathing, which are similar to many other respiratory diseases and pose complications for screening efforts.

The World Health Organisation (WHO) said on Monday an animal source appeared most likely to be the primary origin of the outbreak and that some "limited human-to-human transmission" occurred between close contacts.

The Geneva-based U.N. agency convened an emergency committee for Wednesday to assess whether the outbreak constitutes an international health emergency and what measures should be taken to manage it.

So far, the WHO has not recommended trade or travel restrictions, but a panel of independent experts could do so or make other recommendations to limit spread.

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Agencies
June 6,2020

The President of United States Donald Trump has said that countries like India and China would have much more coronavirus cases than America if they conduct more tests.

“I say to my people every time we test; you find cases because we do more testing. If we have more cases, if we wanted to do testing in China or in India or other places, I promise you there would be more cases you are doing a fantastic job in getting out the swabs,” the US president said on Friday.

Trump said that the US has carried out 20 million tests while compared to America, Germany is at four million and much talked about South Korea is about three million tests. He made the remarks at Puritan Medical Products in Maine, according to Johns Hopkins Coronavirus Resource Center.

The US has reported nearly 1.9 million cases and over 1,09,000 deaths while the total number of coronavirus cases in India and China stand at 2,36,184 and 84,177 respectively, according to Johns Hopkins Coronavirus Resource Center data.

India has so far conducted over 4 million COVID-19 tests, according to the health ministry.

Trump said, “we will be well over 20 million tests. Remember this, when you test more, you have more cases.”

“Puritan is one of the only manufacturers in the world producing high-quality medical swabs that are crucial for rapid testing. And every swab you make at Puritan is proudly stamped with the beautiful phrase made in the USA,” Trump said.

“Thanks to the testing capacity that you are making possible, our country is reopening and our economy is recovering like nobody would’ve thought possible,” he added.

Trump also spoke about the huge unemployment problem the country is currently facing. He said that the economy is now back on track, referring to the latest monthly employment numbers,.

“We absolutely shattered expectations, and this is the largest monthly jobs increase in American history, think of that; that’s a long time,” Trump said

“I think it’s more than double or about double of what our highest was before so this is the largest monthly job increase in American history. And we’re going to have a phenomenal next year. We’re going to have a tremendous couple of months prior to the election on November 3 very, very important date,” the president said.

Keeping an eye on the November 3 presidential elections, Trump is seeking re-election for his second consecutive term. He is pitted against Democratic presidential nominee Joe Biden who in opinion polls is surging several points of Trump.

“It’s going to be a very important election because the only thing that can screw it up is if you get the wrong president and they raise your taxes, and they open up your borders so that everybody pours into our country,” Trump said.

Trump also vowed to bring the American economy back on track, which has been badly hit by the coronavirus pandemic. He reiterated that his administration has built a strong economy in the last three years.

Describing the fight against coronavirus as the greatest national and industrial mobilisation since the World War II, Trump said that his administration has marshaled the full power of the US government and US industry to defeat the invisible enemy.

“It is indeed an enemy. It came from China, should have been stopped in China. They didn’t do that,” he alleged.

The administration, he said, has delivered over 1.5 billion pieces of personal protective equipment to doctors and nurses on the front lines. We slashed the red tape to speed up the development of vaccines.

“And vaccines are coming along incredibly well, wait till you see, and therapeutics. And we partnered at private sector leaders such as Puritan to build the largest and most advanced testing capacity on the face of the earth, like this one,” the US president said.

The Puritan factory in Maine, he said, quickly ramped up the production to produce nearly 20 million foam-tipped swabs each month.

“Then in April, my administration invoked the Defence Production Act to help you scale up even more. Under a USD 75 million public-private partnership, Puritan will soon double production to 40 million swabs per month,” Trump added.

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