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 $100bn coronavirus aid package last week that extended free testing for COVID-19 to all who need it, and enhanced food assistance, unemployment benefits, and paid sick and emergency leave for many American workers who do not already have it. Unlike bailouts past though, there are signs that this round could come with serious strings attached, like preventing firms that receive aid from letting workers go, or cutting their benefits. But they also expose some serious holes in the social safety net – holes that could imperil the wellbeing of workers and feed income inequality long after the coronavirus pandemic recedes.

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History of this topic

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz
2 years, 2 months ago

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz

NL Times  

The looming economic crisis will make the coronavirus crisis look like nothing, according to credit insurer Allianz Trade. Rarely have so many negative facts come together simultaneously,” Johan Geeroms, director of risk underwriting in the Benelux for Allianz, said in a press statement. And, partly due to the 10 percent increase in the minimum wage the government announced for next …

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 …

Coronavirus | Pandemic may have doubled poverty in India, says Pew study
3 years, 9 months ago

Coronavirus | Pandemic may have doubled poverty in India, says Pew study

The Hindu  

March 19, 2021 08:07 pm | Updated March 20, 2021 10:59 am IST - NEW DELHI India’s middle class may have shrunk by a third due to 2020’s pandemic-driven recession, while the number of poor people — earning less than ₹150 per day — more than doubled, according to an analysis by the Pew Research Center. “The middle class in …

World’s richest recouped wealth lost due to COVID-19 in 9 months but poorest will take over a decade: Oxfam inequality report
3 years, 11 months ago

World’s richest recouped wealth lost due to COVID-19 in 9 months but poorest will take over a decade: Oxfam inequality report

The Hindu  

The wealth of the world’s top 1,000 billionaires returned to pre-COVID levels in nine months but it could take 14 times longer – more than a decade – for the world’s poorest, says a new report released on Monday. Titled “ The Inequality Virus ”, the annual report by global non-profit Oxfam International said that the COVID-19 pandemic had led …

COVID has worsened inequality even as the rich thrive: Oxfam
3 years, 11 months ago

COVID has worsened inequality even as the rich thrive: Oxfam

Al Jazeera  

Aid group Oxfam warns that unless governments take prompt action, the world’s poorest will not recover for more than a decade. It could take more than 10 years for the world’s poorest people to recover from the economic fallout of the ongoing COVID-19 induced pandemic, according to a new report published on Monday by Oxfam International, urging governments to act …

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 …

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 …

Coronavirus: Economic slowdown leaves India's aspiring middle class in limbo
4 years, 4 months ago

Coronavirus: Economic slowdown leaves India's aspiring middle class in limbo

India Today  

When the novel coronavirus first emerged in the Chinese city of Wuhan last year, little did Indians imagine that the virus would hurt them so bad. Middle class incomes worst hit Key data sets on demand, employment and household incomes show how badly the virus-induced slowdown impacted India's middle class. The lower income levels of India’s middle class have severely …

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 …

Why the coronavirus crisis is another cruel economic setback for millennials
4 years, 6 months ago

Why the coronavirus crisis is another cruel economic setback for millennials

LA Times  

Nick Andersen packed up his life in Charleston, S.C., and headed south for a new job and a new start. For the last 50 years, politics ended up protecting the privileges enjoyed by “insiders.” “It’s the young who have borne the brunt of that, even before this current crisis.” Low-wage scars Definitions vary, but Pew Research considers anyone born between …

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic
4 years, 6 months ago

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic

ABC  

The fate of the economy, at least as far as the eye can see, has been resting on how well the authorities can control the spread of coronavirus. He says the current unemployment rate is actually more like 11.5 per cent, despite Australian Bureau of Statistics figures showing the "headline" rate is a fraction over 7 per cent. "I think …

Coronavirus or Jobs, Yogi Adityanath’s Promises Depend on Miracles
4 years, 6 months ago

Coronavirus or Jobs, Yogi Adityanath’s Promises Depend on Miracles

The Quint  

Yet another slogan we keep hearing these days is regarding UP achieving a landmark one trillion dollar economy size by 2024. For it to become one trillion dollar, it has to more than quadruple in the next four years. According to one estimate, the state’s economy will touch the trillion dollar mark in 10 years if it keeps growing at …

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 …

Coronavirus Will Leave Lasting Scars On Global Economy; Emerging Markets & Developing Economies To Be Worst Hit: World Bank
4 years, 7 months ago

Coronavirus Will Leave Lasting Scars On Global Economy; Emerging Markets & Developing Economies To Be Worst Hit: World Bank

ABP News  

New Delhi: The World Bank has said that the Coronavirus pandemic and strict lockdown measures taken to contain its transmission will leave a lasting effect on the global economy particularly the emerging market and developing economies, in its analysis of the situation. World Bank Group President David Malpass emphasised the need for comprehensive policies and indicated that 60 million people …

Crushing the coronavirus uncertainty will be the big 'unlock' for economies: Report
4 years, 7 months ago

Crushing the coronavirus uncertainty will be the big 'unlock' for economies: Report

India TV News  

Crushing the coronavirus uncertainty will be the big 'unlock' for economies around the world and to safeguard lives and livelihoods, restoring confidence is a must, according to a report by McKinsey & Co. "The objective now must be to crush uncertainty as soon as possible. As we have seen in previous crises,when uncertainty subsides, confidence returns and economic recovery unlocks …

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan
4 years, 7 months ago

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Firstpost  

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as “very positive” and hoped that these would help in containing the decline in growth New Delhi: Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as …

Economic hit from coronavirus will be limited, NDRC head says
4 years, 7 months ago

Economic hit from coronavirus will be limited, NDRC head says

China Daily  

He Lifeng, head of the National Development and Reform Commission is interviewed via video link after the opening of the third session of the 13th National People's Congress at the Great Hall of the People in Beijing, capital of China, May 22, 2020. China has the ability to cope with the various risks and challenges amid the COVID-19 outbreak, and …

UK facing significant recession due to coronavirus pandemic, says Rishi Sunak
4 years, 7 months ago

UK facing significant recession due to coronavirus pandemic, says Rishi Sunak

India TV News  

The UK faces a "significant recession", Chancellor of the Exchequer Rishi Sunak has warned after figures showed the country's economy shrank by 2 per cent in the first three months of the year due to the impact of the coronavirus-induced economic lockdown. The UK’s Indian-origin finance minister, who is at the forefront of the economic response to the coronavirus pandemic …

Coronavirus pandemic exposes fatal flaws of the 'just-in-time' economy
4 years, 8 months ago

Coronavirus pandemic exposes fatal flaws of the 'just-in-time' economy

ABC  

The COVID-19 pandemic has exposed some of the downsides of the "just-in-time" economy — a defining feature of capitalism during the past three to four decades. Just-in-time workforce There's less attention from these MPs to the "just-in-time workforce" — which the economic fallout of the virus has exposed as another vulnerability. Casualisation, labour hire, self-employment in the so-called "gig economy" …

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 GDP drops 4.8% as coronavirus impact hits hard: Live updates
4 years, 8 months ago

US GDP drops 4.8% as coronavirus impact hits hard: Live updates

Al Jazeera  

It is the sharpest decline since the Great Recession, an abrupt end to the longest economic expansion in US’s history. 09:30 GMT – Spain’s daily toll slightly up with 325 new deaths Spain recorded 325 deaths from the novel coronavirus overnight, up from 301 reported the previous day, the health ministry said. 07:55 GMT – Russia’s coronavirus cases near 100,000 …

Opinion | Reforms can resist future shocks
4 years, 8 months ago

Opinion | Reforms can resist future shocks

Live Mint  

One thing that has been really missing in our global response to the coronavirus pandemic is any sense of international cooperation. Are the 2008-09 global financial crisis and this global pandemic once-in-a-lifetime or once-in-a-century events, or will we see a major crisis every 10 years or so? It seems as if countries across the world are saying, “Whatever it takes!” …

Coronavirus risks widening intergenerational wealth divide
4 years, 8 months ago

Coronavirus risks widening intergenerational wealth divide

ABC  

Economists are leading a debate about whether now is the time to start rolling back social distancing restrictions in Australia, given rapidly falling new infection rates for COVID-19 and mounting economic and social costs of the widespread shutdown. Research by ANZ senior economist Catherine Birch, based on ABS data, shows that three of the six industries that have slashed staff …

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 …

How Is the Coronavirus Pandemic Affecting Climate Change?
4 years, 8 months ago

How Is the Coronavirus Pandemic Affecting Climate Change?

Wired  

It is an invisible, deadly menace. But Not for Long Back in February, an analysis by the climate group Carbon Brief found that as the pandemic seized hold of China’s economy and heavy industries shuttered, emissions from the country plummeted by an incredible 25 percent. That figure may seem low, given that fewer cars are on roads and industries have …

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 …

Australia unlikely to experience 'post-war' recovery after coronavirus
4 years, 8 months ago

Australia unlikely to experience 'post-war' recovery after coronavirus

ABC  

So far, so good. According to research by consultancy firm AlphaBeta — run by Andrew Charlton, Kevin Rudd's adviser through the global financial crisis — the stimulus program has already arrested the alarming decline in discretionary spending that rocked the economy during the last week of March. Spending per person plummeted an incredible 13 per cent below normal levels in …

Coronavirus | About 400 million workers in India may sink into poverty: UN report
4 years, 9 months ago

Coronavirus | About 400 million workers in India may sink into poverty: UN report

The Hindu  

About 400 million people working in the informal economy in India are at risk of falling deeper into poverty due to the coronavirus crisis which is having “catastrophic consequences”, and is expected to wipe out 195 million full-time jobs or 6.7% of working hours globally in the second quarter of this year, the UN’s labour body has warned. The International …

Is capitalism dying or just in isolation during the coronavirus pandemic?
4 years, 9 months ago

Is capitalism dying or just in isolation during the coronavirus pandemic?

ABC  

Home Affairs Minister Peter Dutton was one of the first to cross the line. They've preached privatisation, asset recycling and the fundamental belief that free trade and minimal government intervention will maximise wealth and lift society as a whole. A week after Mr Dutton's outburst, Treasurer Josh Frydenberg announced stricter rules would be placed around foreign investment in a bid …

Coronavirus Will ‘Absolutely’ Make Inequality Worse. But We Can Change That.
4 years, 9 months ago

Coronavirus Will ‘Absolutely’ Make Inequality Worse. But We Can Change That.

Huff Post  

LOADING ERROR LOADING Inequality is nothing new in America, but the coronavirus pandemic has ruthlessly laid bare just how fractured our society is. “Some people are just treating this, at least so far, as some sort of mild vacation, and others are in an existential crisis.” - Nate Hagens Economics expert and former Lehman Brothers executive Nate Hagens calls this …

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 …

Coronavirus recession now expected to be deeper and longer
4 years, 9 months ago

Coronavirus recession now expected to be deeper and longer

LA Times  

The Pike in Long Beach -- normally crowded with weekend shoppers, diners and moviegoers -- is almost completely deserted on Saturday, March 21. “You may well see significant rises in unemployment and significant declines in economic activity, but there can also be a good rebound on the other side of that,” he said in a rare television appearance last week. …

Coronavirus downturn has been rapid and sharp, says former Fed head Janet Yellen
4 years, 9 months ago

Coronavirus downturn has been rapid and sharp, says former Fed head Janet Yellen

Firstpost  

Talking of the employment sector, Yellen said she was expecting higher percentages of unemployment due to the coronavirus outbreak. Former US Federal Reserve chairperson Janet Yellen has said the economic downturn due to the coronavirus pandemic has been “rapid and sharp” and is “different” than any the country has faced. Speaking at an online seminar hosted by the Brookings Institution, …

World Bank: Coronavirus pandemic could push 11 million people in Asia into poverty
4 years, 9 months ago

World Bank: Coronavirus pandemic could push 11 million people in Asia into poverty

CNN  

Hong Kong CNN Business — The economic fallout from the coronavirus pandemic could drive an additional 11 million people into poverty in East Asia and the Pacific unless “urgent action” is taken, the World Bank warned in a report released Monday. “Significant economic pain seems unavoidable in all countries,” said the report, warning that the entire Asia Pacific region should …

There’s only one way to save the British economy from coronavirus – by changing how it works forever
4 years, 9 months ago

There’s only one way to save the British economy from coronavirus – by changing how it works forever

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. This crisis should make us realise …

Coronavirus will almost certainly put Dutch economy in recession: Planning Office
4 years, 9 months ago

Coronavirus will almost certainly put Dutch economy in recession: Planning Office

NL Times  

The outbreak of the coronavirus will almost certainly result in a recession for the Dutch economy, according to Pieter Hasekamp, director of central planning office CPB. "We are still calculating, but a recession is almost inevitable," he said in an interview with the Telegraaf. In early March the CPB forecast said that the Dutch economy will grow 1.4 percent this …

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 …

Coronavirus | Congress seeks cash transfers
4 years, 9 months ago

Coronavirus | Congress seeks cash transfers

The Hindu  

The government needs to outline measures to help people whose livelihoods have been affected by the COVID-19 outbreak, the Opposition parties said on Saturday. Congress president Sonia Gandhi, in a statement, said COVID-19, which followed demonetisation and the slowing down of the economy, had been a huge setback to millions of daily wage earners, MGNREGA workers, ad hoc and temporary …

Coronavirus: New protections for workers with jobs threatened by virus expected in chancellor announcement
4 years, 9 months ago

Coronavirus: New protections for workers with jobs threatened by virus expected in chancellor announcement

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. As Boris Johnson issued a plea for bosses to “stand by your workers”, shadow chancellor …

About 25 million jobs could be lost worldwide due to coronavirus: UN
4 years, 9 months ago

About 25 million jobs could be lost worldwide due to coronavirus: UN

The Hindu  

Nearly 25 million jobs could be lost worldwide due to the coronavirus pandemic, but an internationally coordinated policy response can help lower the impact on global unemployment, according to a UN agency. The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, the ILO said. “However, if we see an internationally coordinated …

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 …

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 …

Global recession is here, according to S&P
4 years, 9 months ago

Global recession is here, according to S&P

CNN  

New York CNN Business — The coronavirus outbreak has plunged the world’s economy into a global recession, according to S&P Global. “The initial data from China suggests that its economy was hit far harder than projected, though a tentative stabilization has begun,” said S&P Global’s Chief Economist Paul Gruenwald. “Europe and the United States are following a similar path, as …

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 …

The global coronavirus recession is beginning
4 years, 9 months ago

The global coronavirus recession is beginning

CNN  

London CNN Business — As restaurants, shops, airlines and factories shutdown around the world, from New York to Paris and Madrid, economists are warning that a global recession is no longer a looming threat. “Whereas 10 days ago there was some legitimate uncertainty about whether the global economy was in the process of going into recession — 10 days later, …

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 …

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