economic

Iraq Turns to Neighbors to Ease Economic Strains

RIYADH—Under tension from very low oil prices, Iraq is trying to get billions of dollars in credit card debt reduction from Kuwait and shifting to bolster ties with Saudi Arabia, as the coronavirus pandemic compels Baghdad to courtroom allies that could assist it stave off an economic crisis.

Finance Minister Ali Allawi, who is also deputy primary minister and acting oil minister, said he was proposing that Kuwait delay or terminate some $three billion that Iraq owes in reparations for the 1990-91 Gulf War, when dictator Saddam Hussein burned Kuwaiti oil fields.

Read More

RBI forecasts economic contraction, announces a sharp 40-bp rate cut

Projecting a contraction in growth for the latest fiscal, the Reserve Lender of India (RBI) on Friday went for a further 40 basis points slash in policy repo price, even as it warned that inflation, particularly in food, is on the rise yet again.

Repo price is the curiosity price the banking companies give the RBI to borrow revenue.

The 6-member financial policy committee (MPC) also held the policy stance unchanged at ‘accommodative’ for “as extensive as necessary” to revive growth.

“It is in the growth outlook that the MPC judged the hazards to be gravest,” RBI governor Shaktikanta Das

Read More

Economic downturn may be deep, sharp, and short-lived

Transcript

Tim Buckley: John, as you know, our consumers enjoy hearing from Joe Davis, our global chief economist. But they only hear the surface of his outlook. You get his complete in-depth examination and you get to discussion it with his team. So give us a window into that. What do you men do? What is your outlook proper now and how are you putting it in movement with our funds?

John Hollyer: Yes, Tim, at the best degree, doing the job with Joe, we have gotten his team’s insights that this is likely to be a pretty

Read More

Coronavirus to bring Asia’s economic growth to a halt for the first time in 60 years

Asia’s economic growth this calendar year will grind to a halt for the very first time in sixty yrs, as the coronavirus disaster takes an “unparalleled” toll on the region’s company sector and key export locations, the International Monetary Fund explained on Thursday.

Policymakers have to provide targeted assistance to homes and corporations hardest-strike by journey bans, social distancing guidelines and other actions aimed at that contains the pandemic, explained Changyong Rhee, director of the IMF’s Asia and Pacific Department.

“These are really uncertain and complicated periods for the international overall economy. The Asia-Pacific region is no exception. The effects

Read More

World facing worst economic crisis since Great Depression

The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said on Thursday.

The warnings about the damage inflicted by the virus already were stark, but Ms Georgieva said the world should brace for “the worst economic fallout since the Great Depression.”

With nearly 89,000 deaths in 192 countries and territories and the number of cases now surpassing 1.5 million worldwide, much of the global economy has been shut down to contain the spread of the virus.

The International Monetary Fund expects

Read More