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Global economic outlook ‘somewhat less dire’ than expected – IMF

The global economic outlook is not quite as dark as expected even just three months ago, a top International Monetary Fund official said, citing better-than-anticipated economic data from China and other advanced economies. However, IMF spokesman Gerry Rice told reporters the overall global outlook remained challenging as a result of the coronavirus pandemic and its impact on many economic sectors. The situation remained “precarious” in many developing countries and emerging markets other than China, he said, noting that the IMF was also concerned about rising debt levels. The IMF is ...

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OECD sees ‘solid basis’ for finalising global tax talks

Global talks at the Organisation for Economic Cooperation and Development to update international tax rules for the digital age now have a “solid basis” to be wrapped up, the OECD’s head of tax said on Tuesday. The OECD’s Pascal Saint-Amans said the Paris-based organisation would publish technical blueprints on Oct. 12 for agreements on how to tax big digital companies across borders and for global minimum corporate tax. “There is a dynamic in Europe, there’s a dynamic in the U.S,” Saint-Amans said in an online address to Ireland’s Institute of ...

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Friends of Europe: In Conversation with Kristalina Georgieva on Pursuing a Green Economic Recovery

As prepared for delivery Let me first start by saying how impressive the standing of Europe is on the climate agenda and this is reflected well in the State of the Union speech that we heard today. In this crisis, Europe has done the right thing. It has come together, and it has increased capacity to respond and care for the vulnerable. Above all, Europe is linking the recovery to the other big crisis that is upon us – the climate crisis. Let me start with some context, and then ...

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Building confidence crucial amid an uncertain economic recovery

With the COVID-19 pandemic continuing to threaten jobs, businesses and the health and well-being of millions amid exceptional uncertainty, building confidence will be crucial to ensure that economies recover and adapt, says the OECD’s Interim Economic Outlook. After an unprecedented collapse in the first half of the year, economic output recovered swiftly following the easing of containment measures and the initial re-opening of businesses, but the pace of recovery has lost some momentum more recently. New restrictions being imposed in some countries to tackle the resurgence of the virus are ...

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More can be done to ensure a green recovery from COVID-19 crisis

Many countries are making “green” recovery measures a central part of stimulus packages to drive sustainable, inclusive, resilient economic growth and improve well-being in the wake of the COVID-19 crisis. However some countries are also implementing measures that risk having a negative environmental impact and locking in unsustainable growth, according to new OECD analysis discussed by member country ministers today. New OECD analysis, Making the Green Recovery Work for Jobs, Income and Growth, indicates that OECD member governments have committed USD 312 billion of public resources to a green recovery, ...

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Unprecedented falls in GDP in most G20 economies in second quarter of 2020

COVID-19 containment measures weighed heavily on economic activity in the second quarter of 2020, with unprecedented falls in real gross domestic product (GDP) in most G20 countries. For the G20 area as a whole, GDP dropped by a record (minus) 6.9%, significantly larger than the (minus) 1.6% recorded in the first quarter of 2009 at the height of the financial crisis. China was the only G20 country recording growth (11.5%) in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery. GDP ...

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IMF says coronavirus crisis ‘far from over’, more support needed

The International Monetary Fund on Wednesday warned that the coronavirus crisis was “far from over” and underscored the need for multilateral cooperation to ensure adequate supplies once a vaccine is developed. In an essay published in Foreign Policy magazine, IMF Managing Director Kristalina Georgieva and chief economist Gita Gopinath said the ongoing economic recovery from the crisis was the result of the rapid implementation and unprecedented scale of government and central bank support, but more efforts would be needed. “The recovery remains very fragile and uneven across regions and sectors. ...

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CLIs continue to strengthen but at a slowing pace

Although OECD Composite leading indicators (CLIs) for August continued to strengthen from the Covid-19 crisis lows, the pace of recovery has slowed and CLIs remain below the levels recorded prior to the initial COVID-19 outbreak. The moderation in the pace of growth in CLIs was seen across all OECD major economies, especially in France, where the indicator has improved only marginally in the last two months. A similar moderation has also occurred in all major emerging economies, except China, where the rate of expansion of the CLI (for manufacturing) remains ...

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OECD annual inflation picks up slightly, to 1.2% in July 2020

Annual inflation in the OECD area picked up slightly to 1.2% in July 2020, compared with 1.1% in June. Energy prices decreased less in July (minus 8.4%) than in June (minus 9.5%) while food price inflation slowed to 3.8%, compared with 4.6% in June. OECD annual inflation, excluding food and energy, also picked up slightly, to 1.7% in July 2020, compared with 1.6% in June. Source: OECD

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IMF’s Georgieva calls for transparency drive in central and eastern Europe

International Monetary Fund Managing Director Kristalina Georgieva said on Monday she hoped for a renewed transparency drive among governments in central and eastern Europe in the wake of the coronavirus crisis. “I hope to see in central and eastern Europe a renewed drive towards strong policies and government transparency for the future,” Georgieva said at an Austrian economic forum, which she joined online. The region had done well in building fiscal discipline and most of the countries were in a good position to face the crisis, she said. However, governments ...

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A top economist shares 3 ways leaders can help economies recover

The global economy won’t return to pre-pandemic levels for another two years, according to the Organisation for Economic Co-operation and Development (OECD). The economies of the 37 developed nations that make up the organization shrank an unprecedented 9.8% during April, May and June due to the impact of COVID-19. And the path to recovery is highly uncertain and vulnerable to a second wave of infections. Global economic activity is expected to shrink by 6% overall in 2020 if a second wave is avoided, although this could be a sharper decline ...

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Unprecedented fall in OECD GDP by 9.8% in Q2 2020

Following the introduction of COVID-19 containment measures across the world since March 2020, real gross domestic product (GDP) in the OECD area showed an unprecedented fall, by (minus) 9.8%, in the second quarter of 2020, according to provisional estimates. This is the largest drop ever recorded for the OECD area, significantly larger than the (minus) 2.3% recorded in the first quarter of 2009, at the height of the financial crisis. Among the Major Seven economies, GDP fell most dramatically, by (minus) 20.4%, in the United Kingdom. In France, where lockdown ...

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Korea: Keep supporting people and the economy until recovery fully under way

Korea has limited the damage to its economy from the COVID-19 crisis with swift and effective measures to contain the virus and protect households and businesses. Support for workers and the export-dependent economy should continue, given falling employment and the risk of prolonged disruption to trade and global value chains, according to a new OECD report. Thanks to the government’s prompt response to the pandemic, Korea is experiencing the shallowest recession among OECD countries. However, the recovery will be slow and uncertainty remains high, says the latest OECD Economic Survey ...

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Arab Republic of Egypt : Request for a 12-Month Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Egypt’s hard-won macroeconomic stability achieved during the three-year arrangement under the Extended Fund Facility (EFF) now faces a significant disruption due to the COVID-19 pandemic. Growth is expected to slow in both FY2019/20 and FY2020/21 as tourism has been halted and domestic activity curtailed. The external accounts have come under pressure due to capital outflows and the shock to tourism and remittances. The authorities responded with a broad package to scale up the health system’s capacity and policies to support the people and the economy. Source: International Monetary Fund

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IMF willing to redouble Lebanon efforts, subject to reform commitment

The International Monetary Fund said on Sunday it was willing to redouble efforts to help Lebanon after the devastating blast that hit Beirut, but said all of the country’s institutions needed to show willingness to carry out reforms. In a statement to an emergency donor conference for Lebanon, the IMF’s managing director, Kristalina Georgieva, laid out reforms expected, including steps to restore the solvency of public finances and the soundness of the financial system, and temporary safeguards to avoid continued capital outflows. Even before the massive explosion that killed 158 ...

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