NEW DELHI -- The World Bank (WB) on Sunday in its latest report stated that the ongoing novel coronavirus (COVID-19) might leave a drastic impact on Indian economy which might decelerate to 5 percent in 2020, and to 2.8 percent in the next year.
In terms of Real Gross Domestic Product (GDP) at market prices the Indian economy is forecast to grow at a rate of 1.5 percent to 2.8 percent in 2021, and might rebound to 4-5 percent in 2022, said the WB report. (World Bank-India-Economy-COVID-19)
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KATHMANDU -- The World Bank on Sunday projected a sharp decline in Nepal's economic growth in the current fiscal year 2019-20 in the wake of the novel coronavirus crisis that has forced Nepal to impose nationwide lockdown since March 24.
The global lender stated in its new report South Asia Economic Focus: Economic Impact of COVID-19 on South Asia' released on Sunday that Nepal's Growth is expected to decelerate in the range of 1.5 percent to 2.8 percent in the current fiscal year that began in mid-July 2019, reflecting headwinds to agricultural growth, a significant reduction in remittances and tourism, and broader disruptions from the pandemic. (World Bank-Nepal-Economy-COVID-19)
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LISBON -- Portugal will suffer a "big recession" this year as a result of the COVID-19 pandemic, predicted former state adviser, economist Vitor Bento, Lusa News Agency reported Sunday.
In an interview with Lusa, Bento, who served as State Adviser to former Portuguese President Anibal Cavaco Silva, said that what important now is to know "how long it will last" and what will be "the form of recovery." (Portugal-Economy-COVID-19)
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TEHRAN -- Iran National Innovation Fund (INIF) has invested 875,000 U.S. dollars in nanotechnology to boost the domestic production of health-protective items against the novel coronavirus pandemic, Eghtesadonline news website reported Sunday.
To this end, the state-backed INIF has forged contracts with eligible knowledge-based companies to produce N95 and N99 face masks for the medical staff, according to the report. (Iran-COVID-19)
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WASHINGTON -- The path of U.S. economic recovery from the coronavirus pandemic could be a "long, hard road" instead of a "V-shaped" recovery, a senior U.S. Federal Reserve official said on Sunday.
"It'd be wonderful if some new therapy were developed in the next couple of months that people could have confidence to go back to work, that they could get treatment, then potentially we would have a V-shaped recovery," Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, told CBS's "Face the Nation". (US-Economy-COVID-19)
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ULAN BATOR -- The monetary policy council of Mongolia's central bank announced Monday it has decided to cut the benchmark interest rate from 10 percent to 9 percent.
"The COVID-19 pandemic is rapidly changing the internal and external environment of the economy and increasing uncertainty. Therefore, we decided to cut the benchmark interest rate by 1 percent in order to mitigate the epidemic-related economic difficulties and support future economic activities," the Bank of Mongolia said in a statement. (Mongolia-Central Bank-COVID-19) Enditem
