How To Avert Economic Catastrophe: Ideas From 5 Top Economists
4 years, 9 months ago

How To Avert Economic Catastrophe: Ideas From 5 Top Economists

NPR  

How To Avert Economic Catastrophe: Ideas From 5 Top Economists Enlarge this image toggle caption Michael Conroy/AP Michael Conroy/AP The U.S. economy has been staggered and shocked by the coronavirus pandemic. She says the priority for politicians must be to limit the harm to the most vulnerable workers — those in hourly service jobs as well as owners of small businesses. She says the priority of economic policy should be to contain the health care crisis. Emergency and immediately available federal financing for states and cities providing money for the health sector and the social support of the lockdown.

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History of this topic

Opinion: ‘Unprecedented by most measures’: Calculating the astonishing economic costs of COVID
1 year, 7 months ago

Opinion: ‘Unprecedented by most measures’: Calculating the astonishing economic costs of COVID

LA Times  

The economic toll of the COVID-19 pandemic in the United States will reach $14 trillion by the end of this year, our team of economists, public policy researchers and other experts estimate. We used data from the first 2½ years of the pandemic to forecast total economic losses from the pandemic over four years, from January 2020 through December 2023. …

The pandemic economy will outlast the outbreak of covid
2 years, 3 months ago

The pandemic economy will outlast the outbreak of covid

Live Mint  

We may be learning to live with covid but as the latest inflation report shows, it’s still a pandemic economy. Two-and-a-half years after the first lockdowns, the economy remains weird: It can take more than a year to a get a dishwasher, many months to get a passport, businesses are short-staffed, stores routinely run out of staples like pain reliever …

'No time to spare': WHO says Covid disrupted health services, pushed half a billion into poverty
3 years ago

'No time to spare': WHO says Covid disrupted health services, pushed half a billion into poverty

India Today  

More than half a billion people are being pushed into extreme poverty because they have to pay for health services out of their own pockets, the World Health Organization said in a press release highlighting the impact of Covid-19 on people's ability to obtain health care facilities. "Even before the Covid-19 pandemic struck, almost 1 billion people were spending more …

As rich-poor divide widens between nations, UN urges reform
3 years, 3 months ago

As rich-poor divide widens between nations, UN urges reform

Al Jazeera  

Developing countries could shoulder most of the cost of the coronavirus crisis, a new report from the UN warns. “The danger of a lost decade ahead remains a very real one,” Richard Kozul-Wright, UNCTAD’s director of globalisation and development strategies, told Al Jazeera. “And so far, the discussion of reform of the multilateral system, along the lines that followed the …

The economic crisis is real; the picture of economic resilience is an illusion
3 years, 7 months ago

The economic crisis is real; the picture of economic resilience is an illusion

The Hindu  

As the ongoing second wave of coronavirus infections in India peaks, there is little clarity on what its economic fallout is and will be. Two assessments from official sources—one from the Reserve Bank of India, titled The State of the Economy and the other from the Ministry of Finance, titled Month Economic Report for May—seem to suggest that economic trends …

Fence off the vulnerable to protect economy, say economists
4 years ago

Fence off the vulnerable to protect economy, say economists

Dutch News  

The cabinet is failing to provide a rationale for the complete lockdown and should focus on giving those less vulnerable to the virus more freedom, a group of leading economists and other financial experts argue in the NRC. The group, which includes economics professor Barbara Baarsma and professor of economics and government finance Bas Jacobs, said the focus of the …

Economic impact of coronavirus will hit next year, experts say
4 years, 1 month ago

Economic impact of coronavirus will hit next year, experts say

Dutch News  

Despite the slight drop in the unemployment rate this week, and signs of a speedier economic recovery from the coronavirus crisis, the big hit will be felt in the second quarter of next year, according to experts. In total, 102 banking, legal and investment experts took part in a survey on the likely impact of the crisis carried out by …

‘Only a crisis produces real change.’ What will coronavirus bring?
4 years, 2 months ago

‘Only a crisis produces real change.’ What will coronavirus bring?

The Independent  

There is no magic money tree,” former prime minister Theresa May smugly proclaimed in her 2017 election campaign. The prospect of reconsidering the global distribution of wealth has suddenly shifted from former US president Barack Obama’s “hope” to his “yes we can” attitude. Even Donald Trump’s “make America great again” mantra is largely focused on the economy, with GDP being …

‘Pandemic showed up historic neglect of the health sector’
4 years, 3 months ago

‘Pandemic showed up historic neglect of the health sector’

Live Mint  

The Fifteenth Finance Commission is finalizing its recommendations for the sharing of resources between the Centre and the states. I have already given a report for one year, 2020-21, in the context of the economic slowdown at that time, because you know even before covid-19, if you look at the figures around October of last year, when we gave the …

World economy: What else could go wrong before 2020 is done
4 years, 4 months ago

World economy: What else could go wrong before 2020 is done

Live Mint  

The world economy’s rebound from the depths of the coronavirus crisis is fading, setting up an uncertain finish to the year. Adding 1.4 million jobs in August was “a big step in the right direction,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics. But the economy needs to maintain that kind of pace, he said, and “without …

Opinion: The pandemic shows America can’t afford its dysfunctional health insurance system
4 years, 4 months ago

Opinion: The pandemic shows America can’t afford its dysfunctional health insurance system

CNN  

Editor’s Note: Richard E. Besser, a physician, is president and CEO of the Robert Wood Johnson Foundation in Princeton, New Jersey. But the inability of many people to afford health insurance – particularly people of color or those in low-wage jobs – is one of our nation’s clearest vulnerabilities during this pandemic. The coronavirus has exposed this nation in many …

Repairing economy after coronavirus crisis could require taking spending and taxing power away from government
4 years, 4 months ago

Repairing economy after coronavirus crisis could require taking spending and taxing power away from government

ABC  

The world is full of people who know better than you. Gruen said he hadn't made up his mind about MMT, but if a country wanted to dramatically increase the rate of money printing to finance deficit spending it would need an independent authority overseeing it. "And that is, when there's slack in the economy it's a rookie error to …

Summertime sadness: Resurgent coronavirus dims economic recovery hopes
4 years, 5 months ago

Summertime sadness: Resurgent coronavirus dims economic recovery hopes

Live Mint  

The virus is the summer house guest from hell. If you add that all up together it’s not a pretty picture.” At the same time, as governments face new flare-ups and reimpose full or partial lockdowns, the prospects for a brisk global economic rebound later in the year have dimmed, according to economists and executives. While the virus-stricken world is …

OECD: This is the worst peacetime recession in 100 years
4 years, 7 months ago

OECD: This is the worst peacetime recession in 100 years

CNN  

London CNN Business — The global economy is plunging into the worst peacetime recession in a century, according to the Organization for Economic Cooperation and Development. “By the end of 2021, the loss of income exceeds that of any previous recession over the last 100 years outside wartime, with dire and long-lasting consequences for people, firms and governments,” said OECD …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 7 months ago

The coronavirus recession is like no other — and it risks becoming a chronic problem

ABC  

Forget what you know about recessions, this one is very different — and it may be chronic. That's not to say we're about to experience years of economic contraction or "negative growth" as economists like to say, but it's going to remain tough going for many Australians for years. This is the combination of two overbearing forces: an economy built …

S&P US chief economist: How we can add $5.7 trillion to the US economy (opinion)
4 years, 7 months ago

S&P US chief economist: How we can add $5.7 trillion to the US economy (opinion)

CNN  

Editor’s Note: Beth Ann Bovino is chief US economist for S&P Global Ratings. In fact, I’ve found that a $2.1 trillion boost in public infrastructure spending over a 10-year period would have a return of 2.7, meaning that for each dollar spent, the US economy would get $2.70 back. Though many jobs would end once projects are built, other jobs …

The economic devastation wrought by the pandemic could ultimately kill more people than the virus itself
4 years, 7 months ago

The economic devastation wrought by the pandemic could ultimately kill more people than the virus itself

LA Times  

It seemed like Silvanah Lima was finally getting ahead. “I haven’t even been able to buy beans.” The economic devastation the pandemic wreaks on the ultra-poor could ultimately kill more people than the virus itself. “I want to stress that we are not only facing a global health pandemic but also a global humanitarian catastrophe,” said David Beasley, executive director …

UK economy heading for worst crash in 300 years due to coronavirus
4 years, 8 months ago

UK economy heading for worst crash in 300 years due to coronavirus

CNN  

London CNN Business — The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England. The central bank expects a swift economic recovery in 2021, but it cautioned that its forecast, which assumes a gradual easing of social distancing measures and “very …

Can the US economy recover from coronavirus?
4 years, 8 months ago

Can the US economy recover from coronavirus?

Al Jazeera  

As the pandemic spreads in the US, the country’s economy is likely to face its worst crisis since the Great Depression. It shrank by almost 5 percent in the first quarter of this year – the biggest slide since the 2008 financial crisis. As many businesses are going bankrupt, the US has pumped more than $2 trillion into the economy …

US response to virus splinters into acrimony and uncertainty
4 years, 8 months ago

US response to virus splinters into acrimony and uncertainty

Live Mint  

Six weeks after U.S. President Donald Trump declared a national emergency over the spreading new coronavirus, the United States is deeply divided over the correct economic and health response. Restaurant chains Shake Shack and Ruth's Chris are among the companies returning multi-million dollar loans received under the lending program, despite explicit wording that let chain restaurant and hotel corporations borrow …

First we need to fix this key thing. Then we can reopen (opinion)
4 years, 8 months ago

First we need to fix this key thing. Then we can reopen (opinion)

CNN  

Editor’s Note: Jeffrey Sachs is a professor and director of the Center for Sustainable Development at Columbia University. Jeffrey D. Sachs Wade Martzall The milestone highlights anew America’s greatest failure thus far: its public health system. A well-functioning public health system confronting a contagion would have identified infected individuals quickly, tested and isolated probable cases, tracked the close contacts of …

U.S. Hospitals Hit By Financial 'Triple Whammy' During Coronavirus Pandemic
4 years, 8 months ago

U.S. Hospitals Hit By Financial 'Triple Whammy' During Coronavirus Pandemic

NPR  

Hospitals Hit By Financial 'Triple Whammy' During Coronavirus Pandemic Enlarge this image toggle caption David Sacks / Getty Images David Sacks / Getty Images The coronavirus outbreak has thrown hospital systems throughout the U.S. into crisis — both medical and financial. The cost of treating coronavirus patients, combined with the loss of revenue from canceling elective procedures, has left many …

10 ways to plan your finances right during the coronavirus crisis
4 years, 8 months ago

10 ways to plan your finances right during the coronavirus crisis

Business Standard  

The coronavirus pandemic continues to wreak havoc across sectors globally. Because of the stock market correction, your risk apetite may have reduced and hence allocation to equities would have fallen below its pre-set level. Buy adequate life cover: If you have begun earning, consider buying term insurance right away — in anticipation of the fact that you will have dependants …

After coronavirus, let’s choose carefully which sectors we want to regrow – and which to let go of
4 years, 8 months ago

After coronavirus, let’s choose carefully which sectors we want to regrow – and which to let go of

The Independent  

As the government announced that lockdown restrictions would continue for at least another three weeks, the Office of Budget Responsibility, the Treasury’s official forecaster, made a bleak prediction. The explosion of mutual aid groups and public demonstrations of support for key workers emphasises this reorientation of our collective priorities away from consumption for consumption’s sake, and towards caring, green and …

COVID-19 pandemic worse than 2008-09 financial crisis: IMF
4 years, 8 months ago

COVID-19 pandemic worse than 2008-09 financial crisis: IMF

The Hindu  

The contraction in the global economy is much worse than the 2008-09 financial crisis, a top IMF official said on April 15, urging the governments to take swift concerted action with fiscal tools taking a prime role to contain the COVID-19 spread and limit the damage to livelihoods. As such, there is no doubt that the government needs to take …

Trump ignored White House economists' warning of devastating impact of pandemic months ago: report
4 years, 9 months ago

Trump ignored White House economists' warning of devastating impact of pandemic months ago: report

Raw Story  

A study by the Council of Economic Advisers ordered by the National Security Council predicted that a pandemic similar to the 1918 Spanish flu or the 2009 swine flu could lead to a half-million deaths and cost the economy as much as $3.8 trillion. "Tens of millions of people could become ill, with many requiring hospitalization; and a significant number—especially …

Coronanomics: Eight things we've learnt about how coronavirus will change the economy
4 years, 9 months ago

Coronanomics: Eight things we've learnt about how coronavirus will change the economy

ABC  

This is the biggest global health pandemic in just over a century — since the Spanish flu outbreak of 1918, just after the World War 1. Treasurer Josh Frydenberg has already announced sweeping changes to Australia's Foreign Investment Review Board guidelines that will mean all foreign direct investment bids will be scrutinised with the threshold abolished. Now the Federal Government …

What to make of the US’s $2 trillion coronavirus bailout
4 years, 9 months ago

What to make of the US’s $2 trillion coronavirus bailout

Al Jazeera  

In spite of the negatives and the risks, the stimulus package represents a real political and philosophical change. On Wednesday, the United States Senate overwhelmingly approved a $2 trillion rescue bill to address the effects of the coronavirus pandemic on the economy. When he was asked who would watch where the money went, Trump said, “I’ll be the oversight.” The …

Could the coronavirus crisis help tackle income inequality?
4 years, 9 months ago

Could the coronavirus crisis help tackle income inequality?

Al Jazeera  

A crisis brings pain but also opportunities to push through reforms to make the economy start working for more people. But profound upheavals like the one we are experiencing now also create unprecedented opportunities to remedy distortions in the eco-economic system – imbalances that have fuelled rising wealth and income inequality. Meanwhile, up on Capitol Hill, US lawmakers passed a …

Governments are pumping trillions into their economies. But some people could still be left out
4 years, 9 months ago

Governments are pumping trillions into their economies. But some people could still be left out

CNN  

CNN — As the coronavirus pandemic freezes populations in lockdown and pushes the world towards recession, a number of major governments have unveiled unprecedented stimulus packages. But “there are clearly people that are left out” from many of the bill’s contents, Elise Gould, a senior economist at the Washington DC-based Economic Policy Institute, told CNN. The American Hotel & Lodging …

Coronavirus deals a death blow to U.S. economic expansion
4 years, 9 months ago

Coronavirus deals a death blow to U.S. economic expansion

The Hindu  

No one knows how long it will last or how much it will hurt. But the U.S. economy is either sliding into a recession for the first time since 2009 or is already in one — a sudden victim of the coronavirus outbreak. The vast changes deemed necessary to defeat the virus — people and companies no longer engaging with …

Coronavirus must make Boris Johnson wake up – real people, not abstract ‘growth’, must be our economic priority
4 years, 9 months ago

Coronavirus must make Boris Johnson wake up – real people, not abstract ‘growth’, must be our economic priority

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The stimulus announced by the government …

A cruel paradox: Beating virus means causing US recession
4 years, 9 months ago

A cruel paradox: Beating virus means causing US recession

Associated Press  

WASHINGTON — The coronavirus is dealing a death blow to the longest U.S. economic expansion on record, triggering layoffs and putting intense strain on the nation’s financial system. “The U.S. has 2.6 million waiters and waitresses, nearly all of whom will be unemployed by Friday,” said Michael Hicks, an economist who directs Ball State University’s Center for Business and Economic …

Are we staring at a global recession as economic cost of novel coronavirus pandemic?
4 years, 9 months ago

Are we staring at a global recession as economic cost of novel coronavirus pandemic?

India Today  

Two major global ratings agencies have downgraded India's GDP growth rate for 2020 in two days. Moody's on Tuesday marginally cut down India's GDP growth rate for 2020 from its February projection of 5.4 per cent to 5.3 per cent. The country had just registered a seven-year low GDP growth rate of 4.7 per cent in September-December 2019 quarter when …

Economic paralysis: Coronavirus slams brakes on China economy
4 years, 9 months ago

Economic paralysis: Coronavirus slams brakes on China economy

Al Jazeera  

Everyone knew the coronavirus outbreak was hurting China’s economy. Urban investment and retail sales also fell sharply for the first time on record, reinforcing views that the epidemic may have cut China’s economic growth in half in the first quarter. Industrial output fell by a much worse-than-expected 13.5 percent in January-February from the same period a year earlier, the weakest …

Health and wealth — where we've gone wrong on coronavirus
4 years, 9 months ago

Health and wealth — where we've gone wrong on coronavirus

ABC  

The footage was an extraordinary testament to human determination in the face of adversity. The $17.6 billion stimulus package announced last Thursday by Prime Minister Scott Morrison and Treasurer Josh Frydenberg, while a dramatic about-face on how to deal with an economic crisis, treated health care as a secondary issue. Most ignored ominous signs that financial markets — debt markets …

Coronavirus outbreak could cost global economy up to $2 trillion, cause recession in some countries, says UNCTAD
4 years, 9 months ago

Coronavirus outbreak could cost global economy up to $2 trillion, cause recession in some countries, says UNCTAD

Firstpost  

The coronavirus outbreak could cost the global economy up to $2 trillion this year, the UNCTAsaid, warning that shock from the epidemic will cause a recession in some countries and depress global annual growth to below 2.5 percent United Nations: The coronavirus outbreak could cost the global economy up to $2 trillion this year, the UN’s trade and development agency …

Two economic scenarios for the impact of coronavirus on the US (opinion)
4 years, 10 months ago

Two economic scenarios for the impact of coronavirus on the US (opinion)

CNN  

Editor’s Note: Gad Levanon is a vice president at The Conference Board, where he heads the Labor Markets Institute. Then, starting in May or June, if the virus-related fear subsides, the US economy could enjoy a bounce-back, as consumers resume their typical spending behavior and businesses fix their supply chains and resume production at normal capacity. If consumers and businesses …

Coronavirus could trigger global recession: Rabobank
4 years, 10 months ago

Coronavirus could trigger global recession: Rabobank

NL Times  

If the new coronavirus Covid-19 turns into a global pandemic, economists at Rabobank foresee an economic recession in large parts of the world, including the Netherlands, Germany, Japan, Italy, and the United States. "This economic crisis could become even worse if it turned into a financial crisis, for example when the number of bankruptcies increase sharply worldwide," the Rabobank economists …

Who will save the world from a coronavirus recession?
4 years, 10 months ago

Who will save the world from a coronavirus recession?

Al Jazeera  

Why a shock US central bank rate cut may not be enough to save the global economy from the coronavirus outbreak. Growth could halve this year to 1.5 percent, the OECD warned in its worst-case scenario for the outbreak, a growth rate generally considered to indicate a recession. Rajiv Biswaz, executive director and Asia-Pacific Chief Economist at IHS Markit, adds …

Coronavirus will hurt the global economy — but how do you model the cost? An economist explains
4 years, 10 months ago

Coronavirus will hurt the global economy — but how do you model the cost? An economist explains

ABC  

The human cost of coronavirus is stark — more than 3,000 deaths, tens of thousands of people testing positive, more still worried about the threat of a pandemic. The model helps Dr McKibbin work out what happens next: How people's behaviour changes What happens to demand and supply How governments and central banks respond "You look at all the empirical …

Government's economic plan for coronavirus to be announced ahead of May Budget
4 years, 10 months ago

Government's economic plan for coronavirus to be announced ahead of May Budget

ABC  

The Federal Government's plan to shield the economy from the coronavirus fallout will be announced ahead of the May Budget, the Prime Minister has confirmed. Key points: The plan has been kept under wraps, but Mr Morrison says the details will be revealed in the next two months Mr Morrison refused to answer questions about whether the coronavirus outbreak and …

How the coronavirus could spark a severe slowdown or recession in America
4 years, 10 months ago

How the coronavirus could spark a severe slowdown or recession in America

CNN  

New York CNN Business — The longest economic expansion in American history has survived an unprecedented trade war, a catastrophic tsunami in Japan and a severe crash in oil prices. If the American consumer loses faith, and the coronavirus will be a real test of faith, then a recession is going to happen.” Mark Zandi, chief economist at Moody's Analytics …

Economic pandemic: Coronavirus slams South Korea, Italy
4 years, 10 months ago

Economic pandemic: Coronavirus slams South Korea, Italy

CNN  

London CNN Business — The emergence of hundreds of coronavirus cases in two major economies outside China has dashed hopes of a speedy recovery from an epidemic that has already wreaked havoc on global supply chains and hit company profits. It may not be called a health pandemic yet but it is an economic pandemic.” Diane Swonk, chief economist at …

The coronavirus is already hurting the world economy. Here’s why it could get really scary
4 years, 11 months ago

The coronavirus is already hurting the world economy. Here’s why it could get really scary

CNN  

London CNN Business — Nearly two decades have passed since a coronavirus known as SARS emerged in China, killing hundreds of people and sparking panic that sent a chill through the global economy. Car plants across China have been ordered to remain closed following the Lunar New Year holiday, preventing global automakers Volkswagen, Toyota, Daimler, General Motors, Renault, Honda and …

Coronavirus hasn’t devastated the global economy yet – but it could if it’s not contained soon
4 years, 11 months ago

Coronavirus hasn’t devastated the global economy yet – but it could if it’s not contained soon

The Independent  

How grave is the likely impact of coronavirus on the world economy? The loss in Hong Kong was equivalent to 2.6 per cent of GDP; in the rest of China a little over 1 per cent. In 2003, its GDP was some $1.6 trillion, a bit bigger than Italy but smaller than France or the UK, accounting for about 3 …

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