Unemployment across the Organisation for Economic Co-operation and Development (OECD) fell for the third consecutive month in July, the group’s Paris-based secretariat said on Thursday. As countries continued to mostly ease coronavirus pandemic restrictions, joblessness dropped by 0.2 per cent to 6.2 per cent of the OECD-area workforce. However, unemployment remained almost 1 per cent above the 5.27 per cent recorded in February last year, the month before the World Health Organizaton declared a pandemic and most countries imposed lockdowns that froze swathes of their economies. Overall, around 1.6 million people were taken off unemployment registers across the OECD in July, leaving over 41 million people without a job.
DUBLIN — Most of the world’s big economies are running below pre-pandemic levels despite “accelerating” growth in the second quarter of this year, according to the Organisation for Economic Co-operation and Development (OECD). Overall gross domestic product (GDP) across the OECD remains 0.7 per cent below that reported at the end of 2019, shortly before the coronavirus pandemic was declared, the Paris-based OECD said on Monday. That’s despite GDP expanding 1.6 per cent across the Group of 7 (G7) economies in the second quarter, up from 0.4 per cent in the first three months of the year. There were “strong variations” among what the OECD calls the “Major Seven” economies, which does not include China, which does not inclide the world’s second biggest GDP after the the US. Britain grew growing the fastest of the 7, at almost 5 per cent from April to June, after a near 2-per-cent contraction during the previous three months, when, like in many Western countries, economically-debilitating pandemic restrictions were in place.
DUBLIN — Pubs in Ireland’s capital Dublin have slammed government plans to make them screen customers for proof of coronavirus vaccination as “discriminatory” and likely to spark conflict. The Licensed Vintners Association (LVA) said the measures, which would apply nationwide as part of a plan to reopen indoor service in restaurants and pubs, “will lead to flashpoints between hospitality staff and potential customers.” “Our members are already reporting there is real anger about this,” according to LVA chief Donall O’Keefe, who on Tuesday said there are “major question marks” about enforcement of the proposed rules, which would also cover customers with proof of previous coronavirus infection. However the LVA believes it has “no option” but “to go along” with plan due to the government’s threat to otherwise retain Europe’s sole remaining ban on indoor drinking and dining until at least September.
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 — 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 — 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 — Global remittances fell by 1.6 per cent last year to 540 billion dollars, a less-than-expected decline in what the World Bank labelled “lifeline” cashflows for millions of people. The global total, which amounts to around the same as Belgium’s gross domestic product (GDP), held up far better than other economic indicators, according to a bank report published on Wednesday. The bank earlier estimated a global GDP fall of 4.3 per cent and a 30 per cent drop in foreign investment into low and middle-income countries in 2020.
DUBLIN — Ireland’s recent third pandemic lockdown led to an increase in “recreational walking,” according to Sport Ireland, a government body, with the usual mist-laced winter gales blowing in from the Atlantic Ocean proving no deterrent to a population otherwise told to stay at home for months on end. The report said “overall levels of physical activity have increased on 2019 figures,” with the percentage of Irish adults “walking for recreation” climbing from 65 per cent before the pandemic to 76 per cent during the first quarter of 2021, slightly below the high reported during Ireland’s first lockdown last year. “Running and cycling experienced similar fluxes,” according to Sport Ireland, with the early 2021 step-up in numbers coming “despite a decrease in organised sport participation.” The lockdowns required people to mostly remain within five kilometres of home, another limit that seemingly did not deter walkers.
DUBLIN — Ireland’s services industries picked up last month ahead of the government ending a third coronavirus lockdown, according to a survey of around 400 businesses published on Thursday. The jump was the strongest since the pandemic started, going by April’s Purchasing Managers Index (PMI), which said “total activity and new business both increased at the fastest rates since February 2020.” Published by Allied Irish Banks (AIB) and IHS Markit, which produces monthly PMIs covering manufacturing and services in dozens of countries, the survey reported rising employment in media, telecoms and financial services, but said there was “broadly no change” in tourism or leisure, sectors unlikely to reopen until later this year. “Although much of the services sector remains in lockdown, the data are encouraging,” said AIB economist Oliver Mangan.