To help mitigate the impact, Oxfam proposed a six point action plan that would deliver cash grants and bailouts to people and businesses in need, and also called for debt cancellation, more IMF support, and increased aid. Taxing wealth, extraordinary profits, and speculative financial products would help raise the funds needed, Oxfam added. … [Read more...] about Coronavirus crisis could plunge half a billion people into poverty: Oxfam
Eradicating hunger and poverty
The economic impact of the virus is even affecting giants such as Samsung Vietnam, one of the country’s largest hard currency earners, which are poised to scale down production. Indeed, the firm’s projected export value for the year will also be slashed by roughly US$6 billion to US$45.5 billion in comparison to last year’s US$51.3 billion. … [Read more...] about BUSINESS NEWS HEADLINES APRIL 7
However, the World Bank also showed its strong belief that over the medium term, growth is projected to rebound back to 7.5 per cent in 2021 and converge at around 6.5 per cent in 2022, “reflecting an improved external demand and a firming of the services sector, as well as a gradual recovery in agricultural production. The economy will also rebound from the global coronavirus pandemic,” said World Bank country director for Vietnam Ousmane Dione. … [Read more...] about Sustained growth can be achieved through reforms
But the lockdown also led to an unprecedented exodus of workers from their places of work, to their homes in far-flung villages all over the country. Farmers were still able to go to their fields and pluck onions after the government made it clear that agriculture was an essential service. And a few workers had stayed back to keep the Lasangaon market running. … [Read more...] about Will coronavirus lockdown cause food shortages in India?
Businesses facing difficulties due to COVID-19, resulting in job cuts, are eligible to take out zero-interest loans of up to 50 percent of the regional minimum wage from the Vietnam Bank for Social Policies (VBSP) to make severance payment to their employees. … [Read more...] about Vietnam mulls $2.6bn support for people, businesses affected by COVID-19