The International Monetary Fund (IMF) on Tuesday cut its 2021 economic growth forecast for Asia to 6.5 per cent, citing “new peaks of the pandemic cycle.” Many countries in the region have reported record coronavirus-related deaths and case numbers in the months since the IMF’s April forecast of around 7.5-per-cent growth for this year. “The pandemic’s resurgence has triggered lockdowns that are hampering the recovery,” the IMF said, in its latest Asia-focused economic outlook. Despite the impact of the virus and the harsh restrictions applied in countries such as Australia and Malaysia, Asia is nonetheless is likely to remain the world’s fastest-growing region, the IMF said, while warning that the pandemic is widening a “divide” between the region’s advanced economies and their “emerging” or “developing” counterparts.
While the coronavirus pandemic upended state spending plans and left economies reeling, its impact is likely to pale in comparison to challenges such as ageing populations, according to the Organisation for Economic Co-operation and Development (OECD). The Paris-based group’s secretariat said on Tuesday that before the pandemic, governments were facing health spending rises of over two percentage points of gross domestic product (GDP) between now and 2060 and around the same for pensions in countries with what the OECD labelled “unfavourable demographics.” By comparison, recently accrued government debt to pay for pandemic-related social and health spending is likely to add “only about 1/2 percentage point of GDP to long-run fiscal pressure in the median country,” according to the OECD.
The number of deaths from tuberculosis (TB) increased last year for the first time in a decade, the World Health Organization (WHO) said on Thursday, putting the number at 1.5 million. The WHO blamed the rise on disruptions to health care during the coronavirus pandemic. The WHO’s annual report on TB, a preventable and curable disease, said the pandemic and related curbs had “reversed years of global progress” and warned that TB deaths could be “much higher” again this year and next. In 2020, the Geneva-based WHO said, “more people died from TB, with far fewer people being diagnosed and treated or provided with TB preventive treatment compared with 2019,” when around 1.4 million deaths from the bacterial respiratory disease were recorded.
The first year of the coronavirus pandemic saw a “stark rise” in mental health disorders, with around 160 million additional cases worldwide, according to estimates by doctors and scientists in Australia and the US. The findings suggest an “additional 53 million cases of major depressive disorder and 76 million cases of anxiety disorders” in 2020, increases of more than a quarter that were “due to the pandemic,” according to the team, which was led by researchers from the University of Queensland and University of Washington. The biggest jumps were in countries with the highest incidences of the virus or the severest restrictions on social and economic activity.
DUBLIN — Singapore’s government on Thursday said it should be possible “to live normally” with Covid-19, which it expects to become “endemic” like influenza. The three ministers responsible for the government’s coronavirus response announced “a broad plan” to “turn the pandemic into something much less threatening.” Pointing to the example of influenza, Trade Minister Gan Kim Yong, Finance Minister Lawrence Wong and Health Minister Ong Ye Kung said that “we can work towards a similar outcome for Covid-19.”
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 — Coronavirus-related borrowing and spending caused an 18.4-billion-euro (22.01-billion-dollar) government deficit in Ireland last year, equivalent to around 5 per cent of gross domestic product (GDP), according to official data published on Wednesday. The Central Statistics Office (CSO) said Dublin borrowed almost 14 billion euros to meet ballooning health and social costs incurred by pandemic restrictions, which have left hundreds of thousands of people out of work and dependent on state support. In 2019, the government reported a surplus of 1.9 billion euros, before a swing into the red of of more than 20 billion last year, even as GDP grew by 3.4 per cent due to surging exports in multinationals-dominated sectors such as pharmaceuticals and information technology.
DUBLIN — Ireland’s imports from Britain fell by 65 per cent in January after the British departure from the European Union led to more complicated trade with its nearest neighbour. Ireland’s Central Statistics Office (CSO) said on Thursday that imports from Britain fell 906 million euros (1.08 billion dollars) year-on-year to less than half a billion euros. Ireland usually sources around one-fifth of its goods imports from Britain, though the EU and the US account for most of the country’s overall trade. Irish exports to Britain saw a much smaller decline compared to imports of 14 per cent, the CSO said, to make up 7 per cent of the January total. Irish exports to Britain fell by almost 10 per cent in 2020.
DUBLIN — Nature conservation has been “significantly impacted” by the coronavirus and related restrictions, the International Union for Conservation of Nature (IUCN) said on Thursday, a year to the day since the outbreak was declared a pandemic. While responses to the pandemic “temporarily slowed down human impacts upon nature,” the IUCN said, restrictions such as stay-home lockdowns and widespread travel curbs later led to “conservation work job losses among protected area rangers, reduced anti-poaching patrols and environmental protection rollbacks.” Over the past year, according to the IUCN, “protected and conserved area operations were scaled down or suspended, visitor facilities closed, workplaces shut, many staff withdrawn from duty stations and supply chains disrupted.” Over half Africa’s protected areas “were forced to halt or reduce field patrols and anti-poaching operations as well as conservation education and outreach,” according to IUCN surveys.