Effect of global slowdown 'more pronounced' in India: IMF chief

Agencies
October 9, 2019

Washington, Oct 9: As the global economy is witnessing "synchronised slowdown", the effect is "more pronounced" this year in some of the largest emerging market economies like India, said the new International Monetary Fund (IMF) Managing Director, Kristalina Georgieva.

Georgieva pointed out that the widespread deceleration means that growth in 2019-20 will fall to its "lowest rate" since the beginning of the decade. Almost 90 per cent of the world will face slower growth, she said on Tuesday.

"Two years ago, the global economy was in a synchronized upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva in her first speech as managing director of the International Monetary Fund.

"In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, and especially the Euro area, there is a softening of economic activity. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year," she said.

The IMF Managing Director said that global trade growth has come to a "near standstill."

The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

Kristalina Georgieva, who this month took over leadership at the IMF from Christine Lagarde, said that currencies are once again in the spotlight and Disputes now extend between multiple countries and into other critical issues.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation -- broken supply chains, siloed trade sectors, a "digital Berlin Wall" that forces countries to choose between technology systems," she said.

Amid rising trade war between the countries which is generally fought through tariffs and counter-tariffs, the chief called for nations to work together and said: "Everyone loses in a trade war".

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Agencies
July 24,2020

The total number of global coronavirus cases has topped 15.4 million, while the deaths have increased to over 631,000, according to the Johns Hopkins University.

As of Friday morning, the total number of cases stood at 15,439,456, while the fatalities rose to 631,926, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

The US accounted for the world's highest number of infections and fatalities at 4,034,831 and 144,242, respectively, according to the CSSE.

Brazil came in the second place with 2,287,475 infections and 84,082 deaths.

In terms of cases, India ranks third (1,238,798), and is followed by Russia (793,720), South Africa (408,052), Peru (371,096), Mexico (370,712), Chile (334,683), the UK (298,721), Iran (284,034), Spain (270,166), Pakistan (269,191), Saudi Arabia (260,394), Italy (245,338), Turkey (223,315), Colombia (218,428), France (216,667), Bangladesh (216,110), Germany (204,881), Argentina (148,027), Canada (114,398), Qatar (108,244) and Iraq (102,226), the CSSE figures showed.

The other countries with over 10,000 deaths are the UK (45,639), Mexico (41,908), Italy (35,092), France (30,185), India (29,861), Spain (28,429), Iran (15,074), Peru (17,654) and Russia (12,873).

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News Network
May 14,2020

May 14: The UN’s children agency has warned that an additional 6,000 children could die daily from preventable causes over the next six months as the COVID-19 pandemic weakens the health systems and disrupts routine services, the first time that the number of children dying before their fifth birthday could increase worldwide in decades.

As the coronavirus outbreak enters its fifth month, the UN Children’s Fund (UNICEF) requested USD 1.6 billion to support its humanitarian response for children impacted by the pandemic.

The health crisis is “quickly becoming a child rights crisis. And without urgent action, a further 6,000 under-fives could die each day,” it said.

With a dramatic increase in the costs of supplies, shipment and care, the agency appeal is up from a USD 651.6 million request made in late March – reflecting the devastating socioeconomic consequences of the disease and families’ rising needs.

"Schools are closed, parents are out of work and families are under strain," UNICEF Executive Director Henrietta Fore said on Tuesday.

 “As we reimagine what a post-COVID world would look like, these funds will help us respond to the crisis, recover from its aftermath, and protect children from its knock-on effects.”

The estimate of the 6,000 additional deaths from preventable causes over the next six months is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health, published on Wednesday in the Lancet Global Health Journal.

UNICEF said it was based on the worst of three scenarios analysing 118 low and middle-income countries, estimating that an additional 1.2 million deaths could occur in just the next six months, due to reductions in routine health coverage, and an increase in so-called child wasting.

Around 56,700 more maternal deaths could also occur in just six months, in addition to the 144,000 likely deaths across the same group of countries. The worst case scenario, of children dying before their fifth birthdays, would represent an increase "for the first time in decades,” Fore said.

"We must not let mothers and children become collateral damage in the fight against the virus. And we must not let decades of progress on reducing preventable child and maternal deaths, be lost,” she said.

Access to essential services, like routine immunisation, has already been compromised for hundreds of millions of children and threatens a significant increase in child mortality.

According to a UNICEF analysis, some 77 per cent of children under the age of 18 worldwide are living in one of 132 countries with COVID-19 movement restrictions.

The UN agency also spotlighted that the mental health and psychosocial impact of restricted movement, school closures and subsequent isolation are likely to intensify already high levels of stress, especially for vulnerable youth.

At the same time, they maintained that children living under restricted movement and socio-economic decline are in greater jeopardy of violence and neglect. Girls and women are at increased risk of sexual and gender-based violence.

The UNICEF pointed out that in many cases, refugee, migrant and internally displaced children are experiencing reduced access to protection and services while being increasingly exposed to xenophobia and discrimination.

“We have seen what the pandemic is doing to countries with developed health systems and we are concerned about what it would do to countries with weaker systems and fewer available resources,” Fore said.

In countries suffering from humanitarian crises, UNICEF is working to prevent transmission and mitigate the collateral impacts on children, women and vulnerable populations – with a special focus on access to health, nutrition, water and sanitation, education and protection.

To date, the UN agency said it has received USD 215 million to support its pandemic response, and additional funding will help build upon already-achieved results.

Within its response, UNICEF has reached more than 1.67 billion people with COVID-19 prevention messaging around hand washing and cough and sneeze hygiene; over 12 million with critical water, sanitation and hygiene supplies; and nearly 80 million children with distance or home-based learning.

The UN agency has also shipped to 52 countries, more than 6.6 million gloves, 1.3 million surgical masks, 428,000 N95 respirators and 34,500 COVID-19 diagnostic tests, among other items.

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News Network
April 4,2020

Madrid, Apr 4: Spain recorded a second successive daily drop in coronavirus-related deaths with 809 fatalities, official figures showed Saturday.

The total number of deaths in Spain now stands at 11,744, second only to Italy. A record 950 people died on Thursday.

The number of new cases also slowed at 7,026, taking the total to 124,736.

Recoveries over the last 24 hours stood at 3,706, taking that total to 34,219.

The Madrid region was the worst affected accounting for 40 percent of the deaths, 4,723, and 29 percent of the cases at 36,249. The northeastern region of Catalonia was in second place with 2,508 deaths.

Prime Minister Pedro Sanchez is due to decide whether to prolong the emergency measures and confinement declared on March 14 for another two weeks in order to get on top of the outbreak.

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