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Virus pummels global economy, jobs – even without 2nd wave
Gurria argued that “presenting the problem as the choice between lives and livelihoods, meaning a choice between health and the economy, is a false dilemma.
If the pandemic is not brought under control, there will be no robust economic recovery.”In case of a second wave of contagions, the OECD forecast that the average unemployment rate across the 37 developed countries that it represents would double this year to 10% and see “little recovery” in 2021. In the more optimistic scenario, the figure would be 9.2%. In poorer countries, the numbers are often higher, and informal workers are especially vulnerable.
80% of working Indians have experienced income loss: Generali study
95 per cent of Indians surveyed expect some form of relief in the case of income loss. 53 per cent of those who have experienced losses expect help from the government. 60 per cent are planning to dig into their savings and investments, while 39% expect help from family members. Significantly, 40 per cent of Indians expect their employers to step in with some form of relief.
India records 9,985 new COVID-19 cases, 279 fatalities; death toll rises to 7,745
Out of the total 7,745 fatalities, Maharashtra tops the tally with 3,289 deaths, followed by Gujarat with 1,313, Delhi with 905, Madhya Pradesh with 420, West Bengal with 415, Tamil Nadu with 307, Uttar Pradesh with 301, Rajasthan with 255 and Telangana with 148 deaths
India’s economy to shrink further in fiscal year 2020-21:World Bank
International rating agencies like Moody’s Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India’s economic growth rate during April 2020 to March 2021 fiscal. Crisil has said this would be the country’s fourth recession since Independence, first since liberalisation, and perhaps the worst to date.
Covid-19 Pandemic:Life insurers’ new premium income falls 26 % to Rs 13,739 crores in May
In terms of policies, the industry has seen its numbers plunging by almost 60 per cent y-o-y to 11, 12,2411 in the first two months of the fiscal.For the month of May, at 5,071,992, the industry has almost lost 65 per cent in the same category.
Auto sales may dip by up to 25% in FY21, sharpest decline in two decades: Ind-Ra
The decline (excluding in tractors) would be the steepest in the last two decades, much higher than that recorded during the global recession in 2008-09, and is likely to push industry volumes to the 2011-12 levels, Ind-Ra said in a statement.
Job outlook bleakest in 15 yrs,Just 5 pc of India Inc bullish on hiring in Jul-Sep qtr: Survey
“Corporate India is rationalising its workforce in response to the economic slowdown. It is indeed a wait-and-watch game as organisations are gearing up for the post-lockdown era where they anticipate an upsurge in demand,” said Sandeep Gulati, Group Managing Director of ManpowerGroup India.
Covid-19 impact: Airlines expected to lose $84.3 bn in 2020, says IATA
“Financially, 2020 will go down as the worst year in the history of aviation. On average, every day of this year will add $230 million to industry losses. In total that’s a loss of $84.3billion,” said Alexandre de Juniac, IATA’s Director General and CEO, in a statement.
Health Ministry drafts rules to help COVID-19 patients access new drugs
According to a gazette notification of the draft rules published on June 5, a hospital or medical institution may import new drug for “compassionate use for treatment of patients suffering from life threatening disease or disease causing serious permanent disability or disease requiring therapy for unmet medical need”, which has not been permitted in the country, but under Phase-III clinical trial (human trial) in the country or abroad, by making an application to the Central Drug Regulator.
New Zealand says coronavirus ‘eliminated’ and life can resume without restrictions
There were no active cases in New Zealand for the first time since the virus arrived in late February, the health ministry said. New Zealand has reported 1,154 infections and 22 deaths from the disease.
New Zealand vowed to eliminate, not just contain, the virus. This means stopping transmission for an extended period after the last known case is cleared, while being ready to quickly detect and isolate any new cases including from abroad.