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Latin America to bear worst impact from coronavirus: World Bank

Latin America and the Caribbean will suffer the worst economic and health impact from the coronavirus, the World Bank said Friday, forecasting a nearly 8.0 percent drop in regional GDP. “Our region is suffering the worst economic and health impacts of Covid-19 of anywhere in the world,” according to Carlos Felipe Jaramillo, the Bank’s regional vice president. He said the findings in the report “calls for clarity on how to combat the pandemic and put the economies back on track for a swift recovery.”  In its report, “The Cost of Staying Healthy” the Bank addresses the impact of the pandemic in a region with with high Covid-19 mortality and infection rates such as Brazil, Mexico and Peru. “The number of deaths per million people is as high as in advanced economies, if not more, but the resources available to counter the shock are much more constrained,” it said.  The bank forecasts a recovery with growth of 4.0 percent in 2021. The report forecasts a region-wide 7.9 percent drop in GDP, a slightly more negative outlook for 2020 than its last assessment in June of a likely 7.2 percent contraction. Crisis-wracked Venezuela — in acute recession for several years and with a government that at least 50 countries refuse to recognize — is not taken into account in the figures. The Covid-related economic crisis follows “several years of disappointing economic growth and limited progress on social indicators, and right after a wave of social unrest,” the report said. “The social damage is immense” the institution warned, adding that unemployment rates had soared across the region, “sometimes substantially.”  Surveys conducted in 13 countries in the region showed that the share of households suffering a decline in income is higher than the share experiencing job losses, it said. The findings suggest that “the impact of the crisis is not only severe but also potentially long-lasting.”.....»»

Category: newsSource: mb.com.ph mb.com.phOct 9th, 2020

Africa needs $1.2 tn of financing to beat Covid-19 hit: IMF

African countries will need $1.2 trillion through 2023 to repair the economic damage inflicted by the coronavirus pandemic, IMF Managing Director Kristalina Georgieva said Friday. About $345 billion in financing has not yet been pledged, Georgieva said in a speech, while commitments from official lenders and international institutions cover less than a quarter of the projected need. “All of us — countries and institutions — must do more to support Africa to cope with the next phase, which is building a recovery from this crisis,” Georgieva said. The Washington-based crisis lender estimates Africa will see its GDP contract 2.5 percent in 2020, one of the worst downturns the continent has ever seen. And while recovery will begin next year, pre-crisis levels of growth won’t be reached until 2022. With private sector financing limited, the IMF projects a funding gap of $44 billion for this year alone, and 43 million people could be pushed into extreme poverty on the continent, wiping out five years of progress in poverty reduction. The IMF has significantly increased its financial assistance to the continent, providing about $26 billion to more than 40 countries this year, while the World Bank has provided around $21.9 billion in loans. African countries have more than a million cases of Covid-19 with 23,000 deaths, the IMF said......»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

WHO warns of drawn out pandemic as South Africa cases top 500,000

The UN health agency warned that the coronavirus pandemic would be lengthy and could lead to “response fatigue”, as the case count in South Africa topped half a million. Although many Latin American countries have begun relaxing stay-at-home measures, the virus is still spreading quickly across much of the region Six months after the World Health Organization declared a global emergency, the novel coronavirus has killed more than 680,000 people and infected more than 17.5 million, according to an AFP tally. South Africa is by far the hardest hit country in Africa, accounting for more than half of diagnosed infections, although President Cyril Ramaphosa said the fatality rate is lower than the global average. Health authorities had been expecting a surge in cases after the gradual loosening of a strict lockdown that was imposed at the end of March. Nigeria on Saturday also announced it would ease a lockdown in the commercial capital Lagos, allowing churches and mosques to reopen next week.  An emergency WHO committee reviewing the pandemic “highlighted the anticipated lengthy duration of this COVID-19 outbreak, noting the importance of sustained community, national, regional, and global response efforts”. “WHO continues to assess the global risk level of COVID-19 to be very high,” it said in its latest statement. The agency also said the effects of the pandemic “will be felt for decades to come”. Mexico overtook Britain to become the third hardest hit country in virus deaths — after Brazil and the United States — with more than 46,600 fatal cases. Although many Latin American countries have begun relaxing stay-at-home measures, the virus is still spreading quickly across much of the region, which has now recorded more than four million cases and almost 200,000 deaths. Half of them are in Brazil, where President Jair Bolsonaro said he believes “nearly everyone” will catch the virus eventually, after himself recovering from it. The US, the hardest-hit country in the world, has now tallied more than 4.6 million cases and 154,319 deaths. Vaccine race The outlook was bleak in Asia as well, where India and the Philippines reported record increases in new daily infections. “We are waging a losing battle against COVID-19, and we need to draw up a consolidated, definitive plan of action,” said an open letter signed by 80 Filipino medical associations. Japan’s Okinawa declared a state of emergency after a record jump in cases on the islands — many linked to US military forces stationed there. The pandemic has spurred a race for a vaccine with several Chinese companies at the forefront, while Russia has set a target date of September to roll out its own medicine. However, US infectious disease expert Anthony Fauci said it was unlikely his country would use any vaccine developed in either nation. “I do hope that the Chinese and the Russians are actually testing the vaccine before they are administering the vaccine to anyone,” he said. As part of its “Operation Warp Speed”, the US government will pay pharmaceutical giants Sanofi and GSK up to $2.1 billion for the development of a COVID-19 vaccine, the companies said. ‘Day of freedom’ France, Spain, Portugal and Italy all reported huge contractions in their economies for the April-June quarter, while Europe as a whole saw gross domestic product fall by 12.1 percent.  Daily case numbers in Switzerland have crept up again in recent weeks, while Norway recorded its first virus death in two weeks. At least 36 crew members confined to a Norwegian cruise ship have tested positive for the new coronavirus, the operator Hurtigruten said on Saturday.  Despite the resurgence in cases, there have been demonstrations in Europe against the curbs.  Thousands protested in Berlin on Saturday urging “a day of freedom” from the restrictions, with some demonstrators dubbing the pandemic “the biggest conspiracy theory”. In South Korea, the elderly leader of a secretive sect at the centre of the country’s early coronavirus outbreak was arrested for allegedly hindering the government’s effort to contain the epidemic. People linked to Lee Man-hee’s Shincheonji Church of Jesus accounted for more than half of the South’s coronavirus cases in February and March, but the country has since appeared to have brought the virus under control. The pandemic has also continued to cause mayhem in the travel and tourism sectors, with more airlines announcing mass job cuts. Latin America’s biggest airline, the Brazilian-Chilean group LATAM, said it would lay off least 2,700 crew, and British Airways pilots overwhelmingly voted to accept a deal cutting wages by 20 percent, with 270 jobs lost......»»

Category: sportsSource:  abscbnRelated NewsAug 2nd, 2020

Latin America virus deaths pass U.S. as Spain lockdown blocked

LERIDA, Spain – Latin America surged past the US and Canada to become the world's second worst-hit region for virus deaths on Monday, July 13, as a Spanish court blocked a move to lock down some 200,000 people. South Africa meanwhile reimposed a nationwide curfew to prevent a ........»»

Category: newsSource:  rapplerRelated NewsJul 26th, 2020

Global virus infections pass 15 million

The number of novel coronavirus infections around the world passed 15 million Wednesday, with Latin America and the Caribbean, one of the hardest-hit regions, notching more than four million cases. In the United States, home to over a quarter of global infections, President Donald Trump warned that the pandemic was likely to get worse before […] The post Global virus infections pass 15 million appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJul 23rd, 2020

Global coronavirus death toll passes 600,000

The new coronavirus pandemic has claimed more than 600,000 lives worldwide, an AFP tally showed Sunday. A total of 600,523 deaths were recorded globally out of 14,233,355 cases, a count based on official data showed, including 205,065 deaths in Europe — the worst-affected continent. The virus is spreading rapidly in Latin America — the region […] The post Global coronavirus death toll passes 600,000 appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJul 19th, 2020

Lockdowns temper bank lending in April

Lower loan take-up from both consumer and businesses eased bank lending growth in April, as the impact of one of the world's longest and toughest coronavirus lockdowns became more pronounced during the month......»»

Category: financeSource:  philstarRelated NewsJun 15th, 2020

World Bank expects PH economy to decline 1.9%

The World Bank said Tuesday it expects the Philippine economy to contract 1.9 percent this year, a reversal from the expansion of 6 percent a year ago because of the debilitating impact of the coronavirus pandemic......»»

Category: financeSource:  thestandardRelated NewsJun 10th, 2020

World Roundup: Latin America crisis deepens with 7 million cases

Santiago, Chile---The number of coronavirus infections globally topped seven million on Monday as deaths mounted in Latin America, but New Zealand's declaration of victory against the pandemic offered some hope for the rest of the world......»»

Category: newsSource:  thestandardRelated NewsJun 9th, 2020

World Roundup: Global death toll nearing 400,000, US bouncing back

The global death toll from the coronavirus neared 400,000 on Sunday with fatalities accelerating in Latin America......»»

Category: newsSource:  thestandardRelated NewsJun 7th, 2020

PH, World Bank sign P25-b COVID-19 loan

The government on Wednesday signed a $500-million (P25-billion) loan agreement with the World Bank that aims to support ongoing efforts to ease the social and economic impact of the coronavirus disease 2019 outbreak on poor households and workers of micro, small and medium enterprises......»»

Category: sportsSource:  abscbnRelated NewsJun 5th, 2020

Coronavirus gumapang, sentro ngayon sa Latin America – WHO

Kinokonsidera ngayon ng World Health Organization (WHO) na sentro ng coronavirus pandemic ang Latin America matapos itong gumapang sa nasabing bansa......»»

Category: newsSource:  abanteRelated NewsMay 28th, 2020

Philippines secures fresh World Bank loan for financial sector upgrade

The Philippines on Friday secured a $400-million (P19.5 billion) loan from the World Bank to fund projects that would strengthen the country’s financial sector in the face of coronavirus fallout......»»

Category: financeSource:  philstarRelated NewsJun 25th, 2021

10% of those who earn the most take 6 out of 10 pesos – El Financiero

Latin America is the region with the second highest inequality in the world after sub-Saharan Africa, with Mexico, Brazil and Chile being the countries with.....»»

Category: newsSource:  thedailyguardianRelated NewsJun 23rd, 2021

Latin America passes 1 million COVID deaths as IMF proposes $50 billion plan

Latin America and the Caribbean passed one million coronavirus deaths on Friday as the IMF proposed a $50 billion plan to end the pandemic, aiming to expand global immunization drives......»»

Category: sportsSource:  abscbnRelated NewsMay 23rd, 2021

Vaccine tourists fly from abroad for injections on US beach

A long line of people snaked across the sand of Miami Beach, Florida, as dozens of travelers from Latin America waited their turn at a pop-up coronavirus vaccination booth......»»

Category: newsSource:  thestandardRelated NewsMay 10th, 2021

Will foreign investors come?

With the coronavirus pandemic resulting in the worst contraction of the Philippine economy since the Second World War—the gross domestic product or GDP falling by 9.5 percent last year—you would think that foreign investors would be filled with fear and loathing over the dire prospects of putting their money here at this time......»»

Category: newsSource:  thestandardRelated NewsApr 16th, 2021

The United Nations University School of Law is considered the best in Latin America

According to the QS World University Rankings by Subject 2021, which has evaluated over five thousand higher education institutions, the Law School From the National.....»»

Category: newsSource:  thedailyguardianRelated NewsMar 31st, 2021

World Bank cuts outlook on Philippines latest virus struggles

Failure to control coronavirus spread has dampened World Bank's growth prospects for the Philippines, with  the country seen unlikely regaining lost ground this year amid delays in mass vaccinations......»»

Category: newsSource:  philstarRelated NewsMar 26th, 2021

Release vax tracker ASAP, Risa tells NTF

Senator Risa Hontiveros on Sunday urged the National Task Force on COVID-19 (NTF) and the Department of Health (DOH) to release a vaccine tracker immediately so the public can view the progress of the National Vaccination Program, after the country contracted another $900 million loan from the World Bank to buy coronavirus vaccines......»»

Category: newsSource:  thestandardRelated NewsMar 14th, 2021

Miss World to hold 2021 pageant for first time ever in Latin America

The Miss World Organization (MWO), through its online channel, announced that it will hold its annual pageant before Christmas. The 70th edition of the pageant will be held, for the first time, in Latin America......»»

Category: newsSource:  philstarRelated NewsMar 12th, 2021