Category: News

IMF lowers growth forecast for China due to coronavirus

The International Monetary Fund (IMF) has lowered its growth forecast for China due to the effects of the lung disease Covid-19.

The fund now expects economic growth of 5.6 percent in 2020 instead of the 6.0 percent predicted in January, said IMF head Kristalina Georgieva at the meeting of finance ministers of the leading industrialised and emerging countries (G20) in Riyadh. The growth of the global economy is expected to be 0.1 percent lower due to the coronavirus. The IMF had recently expected growth of 3.3 percent for the current year.

This scenario assumes that the Chinese economy can return to normal in the second quarter, Georgieva said. The Chinese authorities are working to mitigate the negative effects on the economy through crisis measures, liquidity supply, fiscal measures and financial support. The impact on the global economy could thus be relatively small and short-lived.

The IMF chief admitted, however, that there were still major uncertainties – for example about the spread of the virus. This makes a reliable forecast difficult. “Many scenarios can occur, depending on how quickly the virus is contained and how quickly the Chinese and other affected economies return to normal,” Georgieva said.

Global cooperation is essential to contain the virus and its economic impact, especially if the outbreak proves to be longer-lasting and more widespread. Countries with a less developed health system would be at greater risk. The IMF stands ready to help the weaker members.

Harry and Meghan lose their brand name

London – Prince Harry (35) and Duchess Meghan (38) may no longer use their brand name “Sussex Royal” from spring onwards. They will also no longer be allowed to call their new charity the Sussex Royal Foundation, a spokesman for the couple announced in London on Friday evening.

British media accused the Queen’s grandson and his wife over the weekend of communicating on the subject in an inappropriate tone.

The couple had announced in January that they would partially withdraw from their royal duties, live mainly in Canada with their nine-month-old son Archie and become financially independent. Later, the couple agreed to a clear break with the royal family. According to this, they renounce the title “Royal Highness” and no longer perform official duties for the royals.

The brand name could have been beneficial to them in terms of new sources of income. The couple has already spent a lot of money to secure the designation “Sussex Royal” for their products, as Royal expert and author Robert Hardman told the BBC on Saturday.

A statement by Harry and Meghan on the subject was felt by some British media between the lines to be inappropriate in its tone towards Queen Elizabeth II (93). For example, the two had stressed that the rule with the royal family on the word “Royal” only applies in Great Britain, but that they will follow it worldwide.

Harry and Meghan are expected in Great Britain on a number of official dates in the coming months. The couple had indicated that they would like to maintain their patronage and continue to campaign in fields such as the Invictus Games for the war-disabled or for equal rights for women.