The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, the International Monetary Fund (IMF) said Tuesday.If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 percent, according to the IMF's latest World Economic Outlook. But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation.With much of

The coronavirus pandemic could cost the global economy US$4.1 trillion as it ravages United States, Europe and other major economies, the Asian Development Bank warned on Friday (3 April).The estimated impact is equivalent to nearly five percent of worldwide output based on a range of scenarios, but the lender said losses from "the worst pandemic in a century" could be higher. "The estimated impact could be an underestimate, as additional channels such as...possible so

The COVID-19 pandemic that first emerged in the city of Wuhan in Hubei province, China, has severely affected local industries and livelihoods across the world. Some of the worst hit sectors include tourism and aviation as an estimated three billion people worldwide are under virus lockdowns.

Singapore's economy suffered its biggest contraction since the financial crisis during the first quarter as the coronavirus pandemic escalated, data showed Thursday, an ominous sign of the devastation being inflicted on the global economy.The finance minister meanwhile announced SGD48 billion (US$33 billion) in fresh stimulus, taking to about SGD55 billion the amount so far pledged by the government to help the export-reliant financial hub weather the downturn.One of the world's mos

Global stock and oil markets plunged Wednesday, as vast stimulus measures failed to offset heightened concerns that the worsening coronavirus outbreak will tip the world into a deep recession. On Wall Street, the Dow Jones Industrial Average was hit by another brutal loss to finish below the 20,000-point level for the first time since 2017 despite authorities in the United States (US) and elsewhere moving forward with more measures to prop up the economy.In European trading, both Par

At the start of this year, things seemed to be looking up for the global economy. True, growth had slowed a bit in 2019: from 2.9 percent to 2.3 percent in the United States (US), and from 3.6 percent to 2.9 percent globally.

Singapore eased monetary policy for the first time in over three years Monday as the US-China trade war bites, while the export-reliant economy narrowly avoided recession in the third quarter.The financial hub's central bank joins others around the world, from Europe to the US, in loosening policy as fears mount of a global economic slowdown.The city-state has traditionally been the first among Asia's export-driven economies to be affected during a downturn, making it a closely watc

Several structural shifts have left ASEAN more exposed to an economic downturn than during the last global financial crisis a decade ago.While ASEAN did not technically slide into recession during the last global financial crisis, structural traits that cushioned the region a decade ago – such as China’s strong growth and the global demand for commodities – now offer less of a buffer noted a report by global consultancy firm Bain & Co.

Contrary to what some observers may believe, Malaysia’s economy is actually doing better than expected – although that doesn’t mean fears of a recession are unwarranted.Earlier this month, Malaysia’s central bank, Bank Negara Malaysia (BNM) announced that the country’s economy grew by 4.9 percent in the second quarter of 2019, recording stronger growth than in the first quarter (4.5 percent) and beating most economists’ predictions.

The drumbeat of warnings about a looming worldwide recession is growing ever louder. According to the latest Brookings-Financial Times TIGER indexes, which track the global economic recovery, growth momentum is declining in virtually all of the world’s major economies.