Your morning coffee briefing from TFG. The global economy could lose over $4 trillion due to the pandemic, world’s leading economies agree on a global minimum corporate tax rate of 15%, US economy shows signs of rebounding after Joe Biden’s stimulus package, European companies focus on ASEAN region amid expectations of business growth, and UK and Singapore start negotiations on digital trade to cut red tape on e-transactions and e-signatures.
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.
TFG heard from IFC’s Qamar Saleem on the impact of Supply Chain Finance on domestic banks (and in turn, MSMEs,) in emerging and developing markets.
TFG heard from EXX Africa’s Keri Leicher, on the economic, political and health crisis in Africa caused by Covid-19 pandemic. Keri spoke of Africa’s high level of debt and silent attacks affecting the continent’s security.
With that in mind, TFG spoke to experienced trade veteran Abdurrahman Ozalp, based in Turkey about trade opportunities and the importance of trade rules
Globalisation is often talked about in general terms, treating it as one constant process. However, it is important to recognise that it has actually occurred in three distinct waves. Whilst… read more →