world economy - updates

Rappler's latest stories on world economy

ARTICLE FINDER

IMF warns cutting spending too soon could derail recovery

Jul 10, 2020 - 11:40 PM

(UPDATED) The 'massive fiscal response' to the coronavirus pandemic leads to 'global public debt reaching its highest level in recorded history.' But the International Monetary Fund says the spending shouldn't be stopped too soon.

REFUGEES. Two boys play with a kite near the refugee camp of Moria in the island of Lesbos, Greece, on June 21, 2020. Photo by Aris Messinis/AFP

Market 'disconnect' could worsen virus downturn – IMF

Jun 25, 2020 - 11:25 PM

'Investors seem to be betting that lasting strong support from central banks will sustain a quick recovery even as economic data point to a deeper-than-expected downturn,' says the International Monetary Fund

JAPAN STOCKS. Pedestrians walk past an electronic quotation board displaying share prices of the Tokyo Stock Exchange in Tokyo on June 15, 2020. Photo by Kazuhiro Nogi/AFP

Coronavirus crisis exacerbates globalization worries – IMF economist

Jun 25, 2020 - 11:00 AM

International Monetary Fund chief economist Gita Gopinath urges countries to be 'collaborative' amid the global crisis

Shoppers wear walk outside a shopping mall in Kuala Lumpur on May 28, 2020, as sectors of the economy are being reopened following restrictions to halt the spread of the COVID-19 coronavirus. (Photo by Mohd RASFAN / AFP)

Amid grim outlook, IMF says things could get better, or worse

Jun 24, 2020 - 10:20 PM

(UPDATED) The International Monetary Fund acknowledges the high levels of uncertainty as the coronavirus pandemic ravages the global economy

Children sell facemasks on a street after the government eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Rawalpindi on May 16, 2020. (Photo by Farooq NAEEM / AFP)

Coronavirus sinks global economy in 2020, collapsing GDP 4.9% – IMF

Jun 24, 2020 - 10:00 PM

(UPDATED) The International Monetary Fund estimates the coronavirus crisis will destroy $12 trillion over two years, leaving lasting scars on employment, businesses, and trade

An employee clears a tray at a food court in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus. (Photo by Roslan RAHMAN / AFP)

Service-dependent economies feel coronavirus pain – IMF

Jun 16, 2020 - 10:35 PM

Advanced and emerging market economies are seeing a larger impact in services, says International Monetary Fund chief economist Gita Gopinath

REOPENING. A staff member wearing a face mask works at the welcome desk of a hotel in central Athens on June 1, 2020, as Greece eases coronavirus measures. Photo by Louisa Gouliamaki/AFP

Spend more, keep receipts – IMF's Georgieva

Jun 16, 2020 - 12:30 PM

International Monetary Fund chief Kristalina Georgieva warns countries not to withdraw stimulus measures 'too quickly'

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. Photo by Jim Watson/AFP

Virus to slice at least 6% off world economy – OECD

Jun 10, 2020 - 11:45 PM

The Organisation for Economic Co-operation and Development says the global economy could shrink by as much as 7.6% if a second wave of contagion happens later in the year

CORONAVIRUS TESTING. Sample testing devices are checked on a production line as they are prepared to be included in testing kits for shipment at SD Biosensor near Cheongju, South Korea, on March 27, 2020. Photo by Ed Jones/AFP

Pandemic drives broadest economic collapse in 150 years – World Bank

Jun 08, 2020 - 11:25 PM

(3rd UPDATE) The World Bank sees the global economy shrinking by 5.2% in 2020, with the coronavirus pandemic to drive up to 100 million people into extreme poverty

Robert King Geiser, 35 years-old, after 2 years living on the street, stands outside his tent next to the 110 Freeway, during the novel Coronavirus, COVID-19, pandemic in Los Angeles California on May 25, 2020. - On May 22, 2020 a federal judge issued a preliminary order requiring that homeless people living under Los Angeles freeway overpasses and underpasses, be relocated for health and safety reasons. (Photo by Apu GOMES / AFP)

Funding shortfall hinders pandemic response – World Bank chief

Jun 02, 2020 - 10:15 PM

What keeps World Bank President David Malpass up at night? 'Not enough resources,' he says.

LOCKDOWN. A young boy sells face masks beside a closed shop during a nationwide lockdown in Lahore, Pakistan, on April 6, 2020. Photo by Arif Ali/AFP

World Bank warns pandemic could push 60 million into extreme poverty

May 20, 2020 - 9:10 AM

The coronavirus pandemic could erase 'all the progress made in poverty alleviation in the past 3 years'

A resident of Plot 323 in Wilgespruit, Johannesburg, pauses on May 08, 2020 in front of a wooden shack during a ministerial visit aimed to ensure that the vulnerable residents of the informal settlement are soon properly accommodated in temporary residential units. (Photo by MARCO LONGARI / AFP)

Companies fear protracted slump – World Economic Forum

May 19, 2020 - 4:35 PM

(UPDATED) Company risk managers surveyed by the World Economic Forum fear an extended downturn and bankruptcies as a result of the coronavirus pandemic

LOCKDOWN. A woman crosses a road in front of closed shops on the outskirts of Moscow, Russia, on April 11, 2020. Photo by Kirill Kudryavtsev/AFP

Coronavirus could cost global economy $8.8 trillion – ADB

May 15, 2020 - 7:15 PM

$8.8 trillion would be equivalent to 9.7% of global gross domestic product

Migrant passengers from Sikkim state wait for transportation after they arrived from Chennai at New Jalpaiguri railway station, following the easing of the nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, on the outskirts of Siliguri on May 14, 2020. (Photo by DIPTENDU DUTTA / AFP)

WTO chief to step down early as global economic crisis rages

May 15, 2020 - 8:00 AM

World Trade Organization Director-General Roberto Azevedo says his resignation, effective August 31, is a 'personal decision' reached with his family

World Trade Organization Director-General Roberto Azevedo arrives to speak to reporters on February 22, 2017 in Geneva after the body ratified its first-ever multilateral trade deal. Photo by Fabrice Coffrini / AFP

U, V, W or L? The alphabet soup of economic recovery scenarios

May 12, 2020 - 1:55 PM

How will different countries recover from the economic impact of the coronavirus pandemic? These are the scenarios.

IMF more negative on global economic projections

May 09, 2020 - 8:50 AM

The International Monetary Fund notes that incoming economic data for many countries is even below the IMF's 'already pessimistic assessment'

WASHINGTON, DC - OCTOBER 08: New IMF Managing Director Kristalina Georgieva, speaks about the key issues to be addressed at the upcoming IMF / World Bank Annual Meetings, at the International Monetary Fund headquarters on October 8, 2019 in Washington, DC. Mark Wilson/Getty Images/AFP

IMF, World Bank roll out all their lending tools

Apr 18, 2020 - 2:15 PM

Here is a summary of the financing available from the International Monetary Fund and World Bank for countries battling the coronavirus pandemic

Everything on the table to attack virus' economic damage – IMF

Apr 17, 2020 - 10:20 AM

'Speed of action is of [the] essence in the crisis that has moved so rapidly and is so deep,' says International Monetary Fund Managing Director Kristalina Georgieva

WASHINGTON, DC - OCTOBER 08: New IMF Managing Director Kristalina Georgieva, speaks about the key issues to be addressed at the upcoming IMF / World Bank Annual Meetings, at the International Monetary Fund headquarters on October 8, 2019 in Washington, DC. Mark Wilson/Getty Images/AFP

G7 to coordinate economic reopening plans amid outbreak

Apr 17, 2020 - 9:25 AM

The leaders of the world's most advanced economies are looking for a way to end the economic paralysis

In this handout photograph received by Jiji Press and released by Japan's Cabinet Public Relations Office, Prime Minister Shinzo Abe (R) speaks from Tokyo with other G7 leaders during a video conference late on April 16, 2020. (Photo by Handout / JIJI PRESS,JAPAN'S CABINET PUBLIC RELATIONS OFFICE / AFP) / Japan OUT - XGTY / --- RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / JIJI PRESS / JAPAN'S CABINET PUBLIC RELATIONS OFFICE" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ---

IMF: 3 ways a bad outlook could get worse

Apr 15, 2020 - 9:15 AM

The economic outlook of the International Monetary Fund for 2020 is already bleak, but possibly not the worst yet

FIRST EPICENTER. This aerial photo shows an empty street in Wuhan in China's central Hubei province on March 10, 2020. Photo by AFP

Pandemic causing deep recession, and it could get worse – IMF

Apr 14, 2020 - 10:40 PM

(UPDATED) The International Monetary Fund warns there are 'severe risks of a worse outcome' for the global economy as the coronavirus pandemic unfolds

This photo taken on March 18, 2020 shows images of medical workers from Fujian who were sent to Wuhan to help with the recovery effort from the COVID-19 coronavirus outbreak, displayed on buildings in Fuzhou in China's eastern Fujian province. (Photo by STR / AFP) / China OUT

Great Depression: 1930s economic nightmare

Apr 10, 2020 - 11:00 PM

As the world deals with the crushing economic impact of the coronavirus pandemic, here is a look back at the Great Depression of the 1930s

GREAT DEPRESSION. A crowd gathers outside the New York Stock Exchange after the 1929 crash. Photo from Wikimedia Commons

World faces worst crisis since Great Depression – IMF

Apr 09, 2020 - 10:35 PM

(3rd UPDATE) 'This crisis knows no boundaries. Everybody hurts,' says International Monetary Fund Managing Director Kristalina Georgieva

NOVEL CORONAVIRUS. A general view shows buildings in the Chinese city of Shenzhen, hours before the closing of the Lo Wu border crossing in Hong Kong on February 3, 2020, due to the novel coronavirus outbreak. Photo by Anthony Wallace/AFP

Coronavirus plunges world economy into brutal recession

Apr 09, 2020 - 1:00 PM

With none of the world's regions set to escape unscathed, the recession could well last longer than some have so far expected

Vendors take physical distance from one another at the Nakasero market in Kampala, Uganda, on April 7, 2020. - Ugandan President Yoweri Museveni ordered 14-day nationwide lockdown on March 30, in a bid to halt the spread of the COVID-19 coronavirus which has so far infected 52 people in the country. (Photo by Badru KATUMBA / AFP)

ADB warns global cost of virus could top $4 trillion

Apr 03, 2020 - 2:40 PM

The Asian Development Bank says this may even be an underestimate, since the severity of the coronavirus pandemic remains uncertain

This aerial photo taken on April 2, 2020 shows people visiting a night market in Shenyang in China's northeastern Liaoning province. (Photo by STR / AFP) / China OUT

World Bank to roll out $160-billion emergency aid over 15 months

Apr 03, 2020 - 11:00 AM

India will be the largest beneficiary of the first wave of programs with a facility for $1 billion, followed by Pakistan with $200 million and Afghanistan with a little over $100 million

A roadside fruit vendor waits for customers during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Allahabad on April 2, 2020. (Photo by SANJAY KANOJIA / AFP)

IMF chief: 'Clear we have entered recession'

Mar 28, 2020 - 12:41 AM

(UPDATED) International Monetary Fund chief Kristalina Georgieva says 'it is clear that we have entered a recession' that will be worse than in 2009 following the global financial crisis

IMF. In this file photo taken on February 10, 2020 International Monetary Fund Managing Director Kristalina Georgieva listens during an event at the World Bank in Washington, DC. File photo by Brendan Smialowski/AFP

Pandemic will cut global investment flows more than feared – U.N.

Mar 27, 2020 - 11:00 AM

'It is now evident that pandemic mitigation efforts and lockdowns around the world will have devastating effects on all economies,' say United Nations economists

This aerial photo taken on March 10, 2020 shows an empty street in Wuhan in China's central Hubei province. - China said on March 10 the epicentre of the new coronavirus outbreak Hubei would relax travel restrictions to allow healthy people to move within the hard-hit province. (Photo by STR / AFP) / China OUT

Massive risks to world economy as virus battle rages

Mar 26, 2020 - 5:05 PM

The coronavirus pandemic is wreaking havoc on the global economy. Here are the key concerns.

Deserted streets of the island financial zone are seen in San Juan, Puerto Rico on March 25, 2020. - Almost one billion people were confined to their homes worldwide as the global coronavirus death toll topped 12,000 and US states rolled out stay-at-home measures already imposed across swathes of Europe. More than a third of Americans were adjusting to life in various phases of virtual lockdown -- including in the US's three biggest cities of New York, Los Angeles and Chicago -- with more states expected to ramp up restrictions. (Photo by Ricardo ARDUENGO / AFP)

IMF warns coronavirus recession could be worse than 2009

Mar 24, 2020 - 7:30 AM

The International Monetary Fund says the outlook for 2020 'is negative – a recession at least as bad as during the global financial crisis or worse'

People queue to buy fruits and vegetables in a shop of the Montmartre hill neighbourhood of Paris on March 22, 2020 on the sixth day of a strict nationwide confinement seeking to halt the spread of the COVID-19 infection caused by novel coronavirus, with excursions from the home limited to buying food, visiting the doctor, walking the dog or going for a solitary jog. - People who venture outside need to carry a certificate, which can be printed from the government website, to declare the reason for their trip, and risk a 135-euro ($145) fine if they cannot show one. The government has deployed 100,000 police to monitor people's movements. (Photo by Lionel BONAVENTURE / AFP)

OECD chief calls for new Marshall Plan against pandemic

Mar 23, 2020 - 10:45 PM

Angel Gurria says governments' coordination to fight the coronavirus pandemic should exceed the Marshall Plan, which rebuilt Europe after World War II

A municipal worker uses a sprayer while disinfecting the popular Medina neighbourhood of Dakar on March 22, 2020. - The Senegalese government wanted to be firm on Saturday in the fight against the new coronavirus, ruling out "all tolerance" in the face of violators of established rules, including the ban on assemblies, in a country which has reached nearly 60 confirmed cases. (Photo by JOHN WESSELS / AFP)

World underestimated pandemic, says economist who saw it coming

Mar 21, 2020 - 11:25 PM

Economist Ian Goldin says countries must cooperate to find a way out of the coronavirus crisis. But he asks, 'Is the world capable of developing a coordinated action plan?'

Workers in protective suits wait for people to be tested for Coronavirus (COVID-19) as they arrive by car at the State's First Drive Through COVID-19 Mobile Testing Center at Glen Island Park in New Rochelle, New York March 13, 2020. - Governor Andrew M. Cuomo on March 13, 2020 opened the state’s first drive-through COVID-19 mobile testing center in New Rochelle. (Photo by TIMOTHY A. CLARY / AFP)

Top central banks launch new bid to keep dollars flowing

Mar 20, 2020 - 11:10 PM

Starting on Monday, March 23, certain dollar liquidity operations among the banks will occur daily rather than weekly

Coronavirus pandemic could make another 25 million jobless – U.N.

Mar 18, 2020 - 11:55 PM

The United Nations estimates up to 25 million more people may become unemployed and workers may lose as much as $3.4 trillion in income due to the coronavirus pandemic

Iranians, some wearing protective masks, gather around the capital Tehran's grand bazaar, during the Covid-19 coronavirus pandemic crises, on March 18, 2020. - Iran said its novel coronavirus death toll surpassed 1,000 today as President Hassan Rouhani defended the response of his administration, which has yet to impose a lockdown. The COVID-19 outbreak in sanctions-hit Iran is one of the deadliest outside China, where the disease originated. (Photo by - / AFP)

G7 pledge to 'do whatever it takes' to safeguard economy

Mar 17, 2020 - 8:30 AM

Britain, Canada, France, Germany, Italy, Japan, and the United States 'resolve to coordinate measures...to achieve strong growth in the G7 economies'

In this handout photograph received by Jiji Press and released by Japan's Cabinet Public Relations Office, Prime Minister Shinzo Abe (R) speaks from Tokyo with other G7 leaders during a video conference late on March 16, 2020. - Leaders of the G7 industrial powerhouses pledged on march 16 to join forces to halt economic freefall in the wake of the coronavirus pandemic, which they called "a human tragedy." (Photo by Handout / various sources / AFP) / Japan OUT / --- RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / JIJI PRESS / JAPAN'S CABINET PUBLIC RELATIONS OFFICE" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ---

World needs coordinated fiscal response to pandemic – IMF chief

Mar 16, 2020 - 10:05 PM

'There is a lot more work to do,' says International Monetary Fund Managing Director Kristalina Georgieva

IMF. In this file photo taken on October 10, 2017, a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund headquarters in Washington, DC. File photo by Andrew Caballero-Reynolds/AFP

Recession risk calls for joint response – U.N. chief

Mar 16, 2020 - 1:30 PM

'No country can face it alone,' says United Nations Secretary-General Antonio Guterres, as the coronavirus 'infects' the global economy

MISSED OPPORTUNITY. UN Secretary-General Antonio Guterres says the international community lost an opportunity. File photo by Fabrice Coffrini/AFP

Unlike 2008, world's economic doctors feud over cure

Mar 16, 2020 - 11:30 AM

There has been no collective response on how to shield global growth from the coronavirus pandemic, and globalization itself is ailing

NEW YORK, NY - MARCH 15 : People take a photo in an empty Rockefeller Plaza on March 15, 2020 in New York City. The World Health Organization declared COVID-19 a global pandemic on March 11. Stephanie Keith/Getty Images/AFP

Depth of economic slowdown depends on response – IMF

Mar 13, 2020 - 1:20 AM

'This is not something that stops at national borders, we need to work together,' says International Monetary Fund spokesman Gerry Rice

DISINFECTION. This photo taken on February 22, 2020 shows a man (L) who has recovered from the COVID-19 coronavirus infection being disinfected by a medical staff before leaving the hospital in Wuhan in China's central Hubei province. Photo by AFP

IMF to test working from home in case coronavirus strikes

Mar 10, 2020 - 10:00 AM

The International Monetary Fund instructs its employees to work from home on Friday, March 13, as part of 'crisis preparedness efforts'

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. File photo by Jim Watson/AFP

IMF calls for 'substantial' stimulus, coordination against coronavirus

Mar 10, 2020 - 4:20 AM

(UPDATED) The International Monetary Fund urges policymakers to help households and businesses through a 'coordinated, international response'

SPRAY. Market workers wearing protective gear spray disinfectant at a market in the southeastern city of Daegu on February 23, 2020 as a preventive measure after the COVID-19 coronavirus outbreak. Photo by Yonhap/AFP

Coronavirus crisis could cost world up to $2 trillion – U.N.

Mar 10, 2020 - 3:30 AM

Loss of consumer and investor confidence, a slowdown of global demand, swelling debt, and widespread market anxiety are just some of the issues clouding the global economic horizon

This photo taken on February 20, 2020 shows two staff members crossing an empty road as they deliver vegetables to a hospital in Wuhan in China's central Hubei province. - The death toll in China from the COVID-19 coronavirus epidemic rose to 2,236 on February 21 after 118 more people died, most of them in the hard-hit epicentre province of Hubei, the government said. (Photo by STR / AFP) / China OUT

Coronavirus outbreak will slash global investment flows – U.N.

Mar 09, 2020 - 9:30 PM

United Nations economists warn that regardless of how quickly the coronavirus outbreak lasts, it would significantly drag down global foreign direct investments

INVESTMENTS. The Bangko Sentral ng Pilipinas says the Philippines got higher foreign direct investments in February 2019. Photo from Shutterstock

World's finance chiefs open taps for virus fightback

Mar 07, 2020 - 3:30 PM

As the novel coronavirus spreads, here are some of the responses by monetary policymakers in North America, Asia, and Europe

Tellers wearing face masks work at a currency exchange store in Melbourne on March 5, 2020. - Over 50 people have been confirmed to have the COVID-19 coronavirus in Australia so far with the latest cases including an eight-month-old baby in Adelaide. (Photo by William WEST / AFP)

Chinese virus-related slump to slash $50 billion in global exports – U.N.

Mar 05, 2020 - 11:55 AM

United Nations economists say manufacturing disruptions in China are 'expected to have repercussions elsewhere through regional and global value chains'

MANUFACTURING. Workers produce desks at a factory in Nantong in China's eastern Jiangsu province on September 4, 2019. File photo by AFP

IMF chief calls for all-out offensive to counteract epidemic

Mar 04, 2020 - 11:25 PM

(UPDATED) 'At a time of uncertainty...it is better to do more than to do not enough,' says International Monetary Fund Managing Director Kristalina Georgieva

TRADE IMPACT. A container ship sits in the San Francisco Bay on May 13, 2019, in Oakland, California. File photo by Justin Sullivan/Getty Images/AFP

IMF, World Bank to hold April meetings in 'virtual format'

Mar 04, 2020 - 8:45 AM

'Given growing health concerns related to the virus,' the April 16 to 18 meetings of the International Monetary Fund and World Bank will be done in a 'virtual format'

(FILES) In this file photo taken on October 10, 2017 a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund (IMF) headquarters in Washington, DC. - The spring gathering of finance ministers and central bankers held in Washington in April will be shifted to a "virtual format" due to the coronavirus epidemic, the IMF and World Bank said March 3, 2020. The twice-yearly meetings of the development lending institutions attract thousands of officials and private sector participants from 180 member countries -- just the kind of gathering health authorities say should be avoided. (Photo by Andrew CABALLERO-REYNOLDS / AFP)

OECD warns of severe economic hit from virus outbreak

Mar 02, 2020 - 9:00 PM

'Output contractions in China are being felt around the world,' says the 36-member OECD, also warning that the novel coronavirus 'would weaken prospects considerably' if it is prolonged

People wait in line to buy face masks from a department store in Seoul on February 28, 2020. - K-pop megastars BTS on February 28 cancelled four concerts they were due to hold in Seoul in April, their agency said, as the coronavirus outbreak spreads in South Korea. The country has so far confirmed more than 2,000 cases of the novel coronavirus, by far the largest national total outside China, the origin of the disease. (Photo by - / YONHAP / AFP) / - South Korea OUT / REPUBLIC OF KOREA OUT NO ARCHIVES RESTRICTED TO SUBSCRIPTION USE

Blip or bust: Coronavirus economic impact still in doubt

Mar 01, 2020 - 8:45 PM

Could things get worse for the economy?

A man wearing a protective facemask as a preventive measure against the COVID-19 coronavirus walks at a nearly empty shopping mall in Beijing on February 27, 2020. - The novel coronavirus has spread to more than 25 countries since it emerged in December and is causing mounting alarm due to new outbreaks in Europe, the Middle East and Asia. (Photo by NICOLAS ASFOURI / AFP)

Global economy wavers as world comes to standstill amid epidemic

Feb 29, 2020 - 8:30 AM

The novel coronavirus puts the global economy at the greatest risk of recession since the 2008 financial crisis

This photo taken on February 28, 2020, shows workers wearing facemasks polishing eyeglass frames at the Azure Eyeglasses Company in Wenzhou. - China's economy remains rooted in manufacturing, much of that for export, and heavily reliant on countless labourers from the vast interior who had returned home in January for the most important Chinese holiday before the epidemic hit, killing more than 2,800 people and infecting around 80,000. (Photo by NOEL CELIS / AFP) / TO GO WITH AFP STORY HEALTH-VIRUS-CHINA-ECONOMY-MANUFACTURING,FOCUS BY DAN MARTIN