1101 GMT June 30, 2022
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COVID-19 still isn’t done hobbling the global economy.
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Global finance leaders said the world economy had escaped a coronavirus-triggered collapse so far, but warned that failure to conquer the pandemic, maintain stimulus and tackle mounting debt among poor nations could crush a fragile recovery.
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As the coronavirus pandemic continues to wreak havoc across many countries and even making a resurgence in some, the global economic recovery phase continues to be pushed back even further.
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The coronavirus pandemic is splintering the world economy, and its impact on businesses and the most vulnerable will require extraordinary government action, the OECD warned.
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Even though countries are now moving towards easing lockdown restrictions, the coronavirus pandemic has already hit the global economy hard.
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By Rich Miller & Eric Martin*
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The head of the International Monetary Fund said the lack of deeper improvements in the global economic system is hindering what’s already an “anemic” outlook for growth, especially as the shock caused by the coronavirus further dims prospects for a pickup this year.
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The vulnerability of global growth to trade conflicts and dependence on US momentum were exposed as Asia’s biggest economies faltered and Germany barely dodged a recession.
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The Eurozone, the world’s largest macro-economy, continues to pose the biggest threat to global economic stability as the bloc teeters on the edge of recession for the third time in a decade.
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By Frida Ghitis*
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The five-nation bloc of emerging economies Brazil, Russia, India, China, and South Africa (BRICS) is a force that could promote inclusive global economic growth.
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Central banks are getting twitchy. On average, recessions have come along once a decade since the mid-1970s and the nadir of the last downturn occurred almost a decade ago.
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In the decade since the financial crisis, central bankers around the world have taken on the mantle of reinvigorating the global economy. By keeping interest rates low and buying up trillions of dollars' worth of government bonds and other assets, these institutions helped to prop up growth at a time when the world desperately needed it.
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The window of opportunity for safeguarding global growth is "narrowing" as trade disputes deepen and emerging markets face fiscal crisis, the IMF said Saturday, warning countries against worsening things by weaponizing currency and interest-rate policies.
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