World Welcome to Vienna: Wandering through Austria's capital

19:17  02 june  2020
19:17  02 june  2020 Source:   handelsblatt.com

Austria back to everyday life: Kurz wants "common sense and few clear rules"

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Die Coronakrise macht vor allem afrikanischen Staaten wie Nigeria zu schaffen. © action press The corona crisis is particularly troubling for African countries like Nigeria.

According to a World Bank report, the pandemic is throwing economies, especially emerging and developing countries, back years. There are several reasons for this.

The Corona Pandemic caused the deepest economic crisis in the post-war period - in all countries around the world. However, while the rich industrialized countries are already overcoming the consequences, the virus is likely to set the emerging and developing countries economically back for years. In any case, the World Bank fears this in its new report on global economic prospects.

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According to this, the corona crisis is likely to plunge at least 60 million people into absolute poverty this year. "There could be more," said World Bank President David Malpass in Washington on Tuesday.

It is now a matter of how quickly the industrialized countries get their economies going again - and whether they take the situation in developing and emerging countries into account. Since March, more than 100 countries have received relief loans from the International Monetary Fund (IMF). The G20 countries have adopted debt relief for the poorest countries.

While most economists expect industrialized countries to return to growth in the second half of the year at the latest, the World Bank believes it is likely that the recession will be followed by a period of stagnation or very little growth in many poorer countries.

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Over a five-year period, the recession combined with a financial crisis could cost an average emerging and developing country eight percent growth. If such a country is an additional oil exporter, it could be up to eleven percent, according to the report.

The Corona-Wirtschaftsschoc k hits poorer countries particularly hard for several reasons: Investments from richer countries are being cut back, international investors are withdrawing their capital. The states themselves are unable to raise funds for economic stimulus programs and emigrants send less money to their countries of origin.

In addition, many parents who work as day laborers can no longer afford the school fees for their children: The setback in the education sector prevents development over a longer period of time, the report says.

Africa facing major problems

For oil exporters such as Nigeria and Ghana, there is also the lack of income due to the fact that the oil price is likely to be lower for a longer period of time. Other commodity prices have also fallen due to weaker demand from the industrialized countries and China. In many African countries, this is exacerbating the recession.

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The Institute for the World Economy (IfW) is also afraid that those countries in Africa that are not yet part of the global value chain will be excluded from globalization - "even if some African countries generally have the potential to be integrated", write the IfW economists.

The Africa Association of German Business is encouraging companies to consider the neighboring continent if, as a result of the crisis, they want to reduce their dependence on individual suppliers from Asia. "African countries can also become interesting for preliminary products," said the chairman, Stefan Liebing, the Handelsblatt.

First of all, however, the German economy, which had only just begun to discover Africa for investment, switched to withdrawal. "Almost all activities of German companies are being postponed in Africa," said Liebing. Many African countries have introduced sharper shutdown measures than Germany, and employees who are not allowed into the office are hard to reach.

“At any rate, 75 percent of the companies involved in Africa say that their projects are under pressure. We are therefore concerned that everything that Germany has built there over the past five years could be eaten up by the crisis and that we will have to start all over again after Corona, ”said Liebing.

Austria's central bank chief does not rule out ECB share purchases - "Never say never"

 Austria's central bank chief does not rule out ECB share purchases - Vienna / Berlin, Jun 7 (Reuters) - Austria's central bank chief Robert Holzmann does not rule out that the European Central Bank (ECB) could also buy shares in the future. "Never say never. If there is a need, you will have to have this discussion," said the Governing Council member in an interview published in the newspaper "Die Presse" on Sunday. But there is currently no debate about it.

More : The corona virus exacerbates Africa's economic and social problems.

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