Economy

Hungary’s economy grew by 4.9% last year but several analysts now expect a recession this year, as big carmakers have already announced temporary shutdowns lasting for weeks, and sectors like tourism have collapsed. (Reporting by Marton Dunai; Editing by Mark Heinrich and Pravin Char) … [Read more...] about UPDATE 1-Hungary prepares $30 billion package to jump-start economy

The premier is expected to unveil the measures on Monday, after the government approves them, his chief of staff Gergely Gulyas told a news conference. The National Bank of Hungary will announce steps after its policy-making Monetary Council meets on Tuesday. … [Read more...] about Hungary prepares $30 billion coronavirus package to jump-start economy

Amazon stepped up by creating a relief fund with a $25 million initial contribution that will provide grants for up to two weeks of pay for those diagnosed with COVID-19 or placed in quarantine. The fund also will provide personal grants ranging from $400 to $5,000 per person for those facing financial hardship because of the virus.  … [Read more...] about We’ll need entrepreneurship and flexibility in the post-COVID economy

Vietnamese economy to grow despite COVID-19: ADB Vietnam’s economic growth rate is expected to slow sharply to 4.8 per cent this year due to the impact of the COVID-19 pandemic, said a new Asian Development Bank (ADB) report released on Thursday.   … [Read more...] about COVID-19 ravages economy of central Vietnam

In his annual letter to shareholders, the CEO of the world’s biggest asset manager said, "If we look to China as a barometer, they were able to mitigate the pandemic by closing down their economy quite severely, and it took them about 10 weeks to recover." … [Read more...] about Economy will recover, take a deep breath and have a long-term perspective, says Larry Fink

NEW DELHI: The Centre may need to borrow 2-2.5 per cent of GDP or about Rs 4-5 lakh crore additionally for supporting people and businesses hit hard by the coronavirus outbreak and nationwide lockdown, according to former finance secretary Subhash Chandra Garg. "It seems necessary and advisable that the Government of India borrow this directly from the RBI instead of borrowing from the market. The FRBM (Fiscal Responsibility and Budget Management) Act should be amended to enable this," he said. For the current fiscal, the government plans to borrow Rs 7.8 lakh crore from the market and contain fiscal deficit at 3.5 per cent of the GDP. Of this, the government decided to borrow Rs 4.88 lakh crore during the first half itself. Observing that the unconventional solutions are needed for the unprecedented times, Garg said, the government should make a departure from the past to help the businesses, especially the small and own-account businesses that are likely to fold up if not helped … [Read more...] about Centre may require additional Rs 5 lakh crore to support economy hit hard by COVID-19: Subhash Chandra Garg