Your Monday morning coffee briefing from TFG. The severe contraction of economic activity due to COVID-19 are being felt around the world. Associations are calling for state backed support for the private credit insurance market as the impact of bank lending severely impacts critical supply chains.
Industry bodies called for further government support towards supporting the global trade industry (multilaterals, banks and insurers), as the coronavirus pandemic continues to disrupt all areas of the economy.
There have been 1.7 million confirmed cases of coronavirus globally, with over 100,000 deaths. The majority of countries around the world still have strict lockdowns in place, and the virus is still spreading rapidly.
The coronavirus focus in the last week has largely been around the provision of PPE, as well as MDBs providing continued economic support to businesses
The coronavirus focus is now on ensuring countries have free flow of medical supplies, equipment and goods, with the support of MDBs
The impact of the coronavirus crisis is being felt in all corners of the world, slowing down global trade, isolating people, communities and SMEs.
A vast easing of both fiscal and monetary policy in response to the COVID-19 impact. For the trade community, keeping the lights on and continuing to allow international trade has been critical.
The coronavirus outbreak has impacted financial markets, with governments responding through monetary easing, & further quarantines. 7th March 2020