Your Monday morning coffee briefing from TFG. The world is emerging from a deep recession, and the recovery is coming faster than expected. With more than 800m vaccines administered globally, activity holding up despite lockdowns and additional fiscal stimulus coming. The IMF expects the global economy to stage a strong recovery, growing by 6.0% this year, with growth of 4.4% in 2022.
As the COVID-19 pandemic unfolded in the first quarter of 2020, governments around the world were forced to take drastic actions to counter the socio-economic challenges posed by the crisis.
The presidential transition period which lasts until 20 January will freeze talks on a UK-US trade deal Numbers of new confirmed Covid cases continued to rise in the US, Germany and Italy.
Prime Minister Boris Johnson has announced a second national lockdown for England as the country looks to bring down the rate of coronavirus infections.
Your Monday morning coffee briefing from TFG. Governments across Europe face a hard balance between public health and economic activity as they combat a resurgence in COVID-19 cases. Global trade is recovering more quickly than after the 2008 global financial crisis.
The transmission of COVID-19 has returned to “alarming rates” across Europe, says the World Health Organization. The UK government imposed more restrictions on areas of the North East and the Midlands to combat a rise in the number of cases.
COVID-19 case rates are rising while fatalities remain relatively low across much of Europe. The UK saw its first significant tightening of restrictions in months with socialising limited to groups of six in England.
In their response to the Covid-19 pandemic, governments have learned and applied many of the lessons of past crises. Early testing and tracing at scale gave countries including Germany, Taiwan and South Korea a lead in combating the virus.
The speed and severity of the economic downturn has been far greater than the last recession, in 2008–09. The IMF forecasts that world GDP will shrink by almost 5% this year. Growth is coming back as the lockdown eases.
Your morning coffee briefing from TFG. Countries around the world continue to ease lockdown restrictions. The collapse in the oil price and shrinking demand has sent inflation rates tumbling. Governments in the West are spending and borrowing on a vast scale as they counter the effects of the COVID-19 pandemic.
The AfCFTA is an agreement seeking to establish a free trade area in Africa. AfCFTA’s trade liberalization objective, along with other industries goals, Africa may just be set for a new horizon in its trade, post-COVID19.
Your Monday morning coffee briefing from TFG. Economies around the world continue to open up in support of generating economic activities, limited by social distancing restrictions.
Now is the time for trade finance institutions to take the lead in efforts to strengthen SME resilience and leave them in a position to be able to bounce back in the aftermath of the pandemic.
TFG heard from Eng. Hani Salem Sonbol, CEO, International Islamic Trade Finance Corporation
In preparation for TFG attending IFN Asia next week in Kuala Lumpur, we put together a brief overview of shariah law and shariah finance, outlining the key differences between riba, gharar, musharakah and sukuk.