DUBLIN — The global economy should expand by 5.6 per cent this year but developing countries will struggle to keep up due to “the pandemic’s lasting effects,” the World Bank said on Tuesday. While such growth would be “the fastest post-recession pace in 80 years,” overall global output could remain 2 per cent less than if the pandemic had not happened and the ensuing restrictions on business were not imposed, the bank estimated. While pent up demand could result in wealthy, large economies such as the US and China growing by 6.8 per cent and 8.5 per cent respectively, smaller and poorer nations will have to wait until next year to recover per capita income losses, the bank warned, meaning global growth will be “uneven.” Per capita incomes in many emerging market economies are expected “to remain below pre-pandemic levels,” the bank cautioned, which would likely “worsen deprivations associated with health, education and living standards.”
DUBLIN — The coronavirus pandemic and related restrictions have jacked up food prices around the world and spurred a surge in unhealthy eating, according to a set of papers published on Monday by the American Society for Nutrition. According to author Caroline Um of the American Cancer Society, the researchers found a “decrease in the consumption of many food groups, particularly healthy foods such as vegetables and whole grains, compared to before the pandemic.” “We saw panic buying, problems in the food supply chain, increases in food prices and rising unemployment rates,” Um said. Researchers at Tufts University said food prices went up across 133 countries as pandemic-related curbs were introduced. “More stringent restrictions were linked with a higher price of food and a higher ratio of food prices to prices across all consumer goods,” they said.
DUBLIN — After more than a year of easy-to-hack pandemic-induced Zoom meetings, the world could be “one step closer to ultimately secure conference calls,” according to a British-led team of scientists. The group, which includes academics from Heinrich Heine University in Dusseldorf, claim in the journal Science Advances to have discovered how to facilitate hack-proof “quantum-secure conversation” between four parties. Since the onset of the coronavirus pandemic, what the team calls the “global reliance on remote collaborative working, including conference calls,” has led to a “significant escalation of cyberattacks on popular teleconferencing platforms in the last year.” The team said their newly published research is “a timely advance” that “could lead to conference calls with inherent unhackable security measures, underpinned by the principles of quantum physics.”
DUBLIN — Ireland’s gross domestic product grew by 7.8 per cent in the first quarter of the year due to surging exports by multinational corporations, according to official estimates. However, gross national product, a measurement which cuts out multinationals, fell by 1 per cent quarter-on-quarter, the government’s Central Statistics Office (CSO) said on Friday. According to the CSO’s Jennifer Banim, “the tightening of Covid-19 related restrictions led to lower levels of economic activity for many of the sectors focused on the domestic market.” Ireland’s government lifted a third pandemic lockdown in May after almost five months of restrictions that were ranked among Europe’s harshest by the University of Oxford.
DUBLIN — Two decades after coining the acronym BRICs – grouping the economies of Brazil, Russia, India and China – economist Jim O’Neill believes only China is “fully achieving its potential.” In an article published on Wednesday by the International Monetary Fund (IMF), O’Neill said that, while the quartet’s economies fared relatively well before the 2008 global financial crisis, India has since “notably disappointed,” while Brazil and Russia have posted “very disappointing” performances. China’s annual gross domestic product (GDP) growth exceeded that of the other three BRICS for all but three years between 2001-19, according to World Bank data, leaving it with an economy twice the size of the other three put together.
DUBLIN — Pandemic lockdowns coincided with “significant” falls in crime rates in 27 cities across 23 countries, according to academics from the University of Cambridge and the University of Utrecht. The research, which was published on Wednesday in the journal Nature Human Behaviour, suggested that rates of “most types of crime” dropped “significantly” in the wake of an “unparalleled sudden change in daily life.” However, homicides fell by a relatively low 14 per cent overall in what the team said was “a key exception” to their findings. With people in many cities forced to mostly stay at home by pandemic-related curbs, Amy Nivette of the University of Utrecht, in the Netherlands, said “restrictions on urban mobility may have little effect on domestic murders.”
DUBLIN — The World Tourism Organisation (UNWTO) said on Wednesday that first-quarter arrivals were down 83 per cent on the same period last year, as pandemic restrictions continued to hold back international travel. Official data collated by the United Nations agency showed Asia and the Pacific continuing “to suffer the lowest levels of activity with a 94 per cent drop in international arrivals over the three-month period.” North America reported the smallest decline, at 71 per cent, while arrivals in Europe were down by over 80 per cent. The UNWTO said the weak first-quarter numbers followed last year’s record annual 73-per-cent fall in arrival numbers worldwide, which cost the sector an estimated 1.1 trillion dollars, equivalent to Indonesia’s gross domestic product (GDP). Travel ground to a halt in March 2020 after the World Health Organization (WHO) declared the coronavirus outbreak to be a pandemic.
DUBLIN — The global economy could grow by “nearly 6 per cent” this year, the Organization for Economic Co-operation and Development (OECD) said on Monday, while warning that recovery from pandemic-related losses will be “very uneven.” Growth will be driven by the world’s three main economic powers, with China’s gross domestic product (GDP) set to expand by more than 8 per cent, the Paris-based OECD said. The US should be close behind, registering nearly 7 per cent GDP growth, with the European Union clocking a higher-than-usual 4.25 per cent.But while this year’s projected rebound would amount to “an impressive surge after the 3.5-per-cent contraction in 2020” it is unlikely to return living standards “to the level expected before the pandemic” by the end of next year, the OECD said in its 2021 Economic Outlook, which noted that pandemic-related curbs have made it more difficult to estimate GDP and “may have reduced the comparability of economic outcomes across countries.”
DUBLIN — “Too much television is bad for you” is more than just an adage parroted by exasperated parents at heedless, homework-shirking teenagers, going by research carried out by US-based scientists. Using information gleaned from three surveys and studies involving more than 17,000 people, academics from Columbia University, the University of Alabama and Johns Hopkins University (JHU) said they believe “moderate-to-high TV viewing in midlife” contributes to “later cognitive and brain health decline.” Watching films, shows and other TV content, the researchers warned, “is a type of sedentary behaviour that is cognitively passive or does not require much thought.”
DUBLIN — Global trade enjoyed a record rebound in the first quarter of 2021, according to UN estimates, growing 10 per cent year-on-year largely on the back of booming exports from East Asia. Countries in the region thrived after “early success in pandemic mitigation,” which “allowed them to rebound faster and to capitalize on booming global demand for Covid-19 related products,” the United Nations Conference on Trade and Development (UNCTAD) said in a report published on Wednesday. China, Singapore, South Korea, Taiwan and Vietnam have been among the nations reporting relatively low virus-related death tolls and surging exports. Health care products, digital services and “home office” equipment were in high demand last year, UNCTAD said, though international travel and hospitality services lagged.