Beijing, Jun 15: China is locking now ten more neighbourhoods in Beijing to try and contain the spread of a new coronavirus outbreak linked to a food market, authorities announced Monday.
City official Li Junjie said at a press conference that fresh cases had been found in a second wholesale market in northwestern Haidian district, and as a result, the market and nearby schools would be closed, and people living in ten communities around it placed under lockdown.
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."
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.
Washington, Jul 21: Some half-a-dozen influential Republican lawmakers on Monday introduced a legislation in the Senate to allow Americans to sue China in federal court for its role in causing the coronavirus pandemic.
The Civil Justice for Victims of Covid Act gives federal courts authority to hear claims that China has caused or substantially contributed to the Covid-19 pandemic.
Introduced by senators Martha McSally, Marsha Blackburn, Tom Cotton, Josh Hawley, Mike Rounds and Thom Tillis, the bill strips China of its sovereign immunity for reckless actions that caused the pandemic and creates a cause of action. It also authorises federal courts to freeze Chinese assets.
The legislation is closely modelled after the 2016 Justice Against Sponsors of Terrorism Act (JASTA) that gave more legal remedies to victims of terrorism, particularly the 9/11 victims.
“Americans who have been victimised by the lies and deceit of the Chinese Communist Party-to include those who lost loved ones, suffered business losses, or were personally harmed due to Covid-19-deserve the opportunity to hold China accountable and to demand just compensation,” McSally said.
As the death toll and financial losses of Covid-19 mount, China should be forced to pay the costs of these damages to the American people, he said.
Blackburn said that China's Communist Party must face consequences for concealing and now profiting off the Covid-19 pandemic they enabled.
“The costs are devastating: trillions of dollars in economic damage, millions of American jobs lost, and over a half million deaths worldwide – and counting. Business owners and families who have lost loved ones deserve justice,” he said.
By silencing doctors and journalists who tried to warn the world about the coronavirus, the Chinese Communist Party allowed the virus to spread quickly around the globe, Cotton said, adding their decision to cover up the virus led to thousands of needless deaths and untold economic harm.
Rounds said that China must be held accountable for its failure to contain Covid-19 and alleged that the country's delay in sharing the seriousness of the virus with the rest of the world isn't just negligence— it is criminal in nature.
“If China would have been transparent from the start, many more lives would have been saved in all parts of the world. Our legislation provides the tools necessary for American citizens to sue the Chinese Communist Party in federal court for financial losses incurred because of Covid-19,” he said.
Tillis alleged that the Chinese Communist Party lied to the world about Covid-19 and allowed it to become a global pandemic, causing many Americans to tragically lose their loved ones and face immense financial hardship.
“The American people deserve the right to hold the Chinese government accountable for its malicious actions, and I'm proud to join my colleagues in introducing this commonsense bill,” he said.
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