Fri, Mar 27, 2020 page10

• World Business Quick Take

  • Agencies
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  ECONOMY

  Moody’s sees G20 recession

  The world’s 20 most industrialized nations are likely to suffer a recession this year because of the COVID-19 pandemic, financial ratings agency Moody’s said on Wednesday. The G20’s overall GDP would contract by 0.5 percent, with the US economy shrinking by 2 percent and the eurozone by 2.2 percent, Moody’s said. China could see economic activity expand 3.3 percent, but that would still be well below average for the world’s second-biggest economy, it said.

  BANKING

  India mulls shutdowns

  India’s central bank and major lenders are considering shutting down most branches across the nation to prevent tens of thousands of employees from getting infected with the coronavirus, four sources familiar with the plan said. Under the plan, in major cities there would likely be only one bank open every 5km, the sources said, declining to be identified as it has not yet been publicly disclosed. In the countryside, banks would likely operate on alternate days and redeploy staff to only allow disbursal of welfare cash to the poor, the sources said.

  HOUSING

  UK sales might fall 60%

  UK house sales are set to plunge 60 percent in the next three months as the pandemic batters the economy. The slump in the second quarter, which is usually among the most active sales periods, would be followed by a further decline in the three months through September, a report released yesterday by real-estate portal Zoopla said. The virus is already weighing on deals, with the number of homes placed under offer in the seven days through Sunday down 15 percent from the previous week, Zoopla data showed.

  GREECE

  GDP to shrink 1% to 3%

  The government expects the economy to contract by 1 to 3 percent due to COVID-19, which has brought economic activity to a virtual standstill, Minister of Finance Christos Staikouras said yesterday. The impact is likely to be milder than other eurozone countries, Staikouras said, but added that any estimates were tempered by how long the crisis would last. A recovery in economic activity next year is forecast to be sharp, he told Skai TV.

  AUTOS

  Lockdowns to hit sales

  Vehicle sales in US states that implemented lockdown orders to curb the spread of COVID-19 are forecast to drop 80 percent or more, analysts said on Wednesday. Retail sales through the week that ended on Sunday declined 22 percent nationwide on a yearly basis and as much as 40 percent in some cities on the west coast, research firm J.D. Power said, citing data from dealership stores across the nation. Last week’s data did not yet fully account for various US states passing so-called shelter-in-place orders at the end of last week.

  FINANCE

  IMF offers US$50bn aid

  The IMF is to provide US$50 billion in emergency facilities to low-income and emerging-market countries to mitigate the economic shocks of COVID-19, including US$10 billion in concessional loans.“Our member countries need us more than ever,” the IMF said on Wednesday. “Discussions between IMF teams and country officials are advancing quickly.” The fund has received requests for emergency financing from almost 20 countries and expects 10 more nations to seek its help, it said.

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