Coronavirus disease (COVID-19) Pandemic and Foreign Trade

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SINGAPORE: The Monetary Authority of Singapore (MAS) is expecting a rise in job losses as the local economy grapples with the fallout from the ongoing COVID-19 crisis. MAS noted that labour market conditions had already softened prior to the novel coronavirus outbreak. But with global and local measures aimed at halting the spread of the virus resulting in the stoppage of many economic activities, this will feed back into the domestic labour market given the sharp fall in demand for workers, it said. In the near term, MAS said wages, rather than employment, will “bear the brunt” of the negative shock. We should take the initiative to attack. While fighting the virus, do n’t forget to develop your own business. You can connect online through the Internet, so that you can start your business quickly when the economy recovers.  What do you think? Our factory specializes in all kinds of wedge wire screen panel, pipe, basket, filter element, sintered filter element, folding filter s...

The city of Wuhan, the initial epicentre of the coronavirus pandemic, no longer has any Covid-19 patients in hospital after the last 12 were discharged on Sunday. Their release ended a four-month nightmare for the city, where the disease was first detected in December. The number of patients being treated for Covid-19, the disease caused by a new coronavirus, peaked on February 18 at 38,020 – nearly 10,000 of whom were in severe or critical condition. “With the joint efforts of Wuhan and the national medical aid given to Hubei province, all cases of Covid-19 in Wuhan were cleared as of April 26,” Mi Feng, a spokesman for the National Health Commission said on Sunday afternoon. The announcement came only one day after the city discharged the last patient who had been in a severe condition. That patient also was the last severe case in Hubei province. The last patient discharged from Wuhan Chest Hospital, a 77-year-old man surnamed Ding, twice tested negative for Sars-CoV-2, the...

A slump in oil prices is normally a cause for celebration in gas-guzzling nations. The average American burns through 10 litres of oil or oil products per day in normal times. But for oil producing countries - the "global petropolis" - such a drop in the cost of crude can spell disaster, and hardship for millions. It's easy to see why oil is referred to as black gold. When the price was riding high, oil revenues filled the coffers of companies and governments in the countries that produce it. That kept people fed and public services flourishing. But now, having oil can be a curse rather than a blessing. Oil price falls to 18-year low as turmoil persists Record deal to cut oil output ends price war The International Energy Agency previously warned that Ecuador, Nigeria and Iraq could be worst hit, with earnings falling by between 50% and 85% - and that was assuming oil prices of $30 a barrel. Now, it's less than $20 a barrel. All their economies were under ...

It is clear to everyone that the global crisis of the world economy caused by the pandemic will have unprecedented economic consequences. Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva was quite emotional last week: “Never in the history of the IMF have we witnessed the world economy coming to a standstill,” she said. Just three months ago, the IMF predicted global growth at 3.3 percent this year. Now it has replaced it with a contraction of 3 percent. The depth and duration of the economic downturn will depend on how long governments maintain their lockdowns. Many expect the constraints to last into the summer.  The Organization for Economic Cooperation and Development (OECD) estimates that for each month of containment, there will be a loss of 2 percentage points in annual GDP growth. The IMF has modeled a few scenarios. In the worst case the global economy would shrink by around 11 percent rather than 3 percent. International trade is th...

The pandemic will change the economic and financial order forever.  A More China-Centric Globalization The COVID-19 pandemic will accelerate a change that had already begun: a move away from U.S.-centric globalization to a more China-centric globalization. The COVID-19 pandemic will accelerate a change that had already begun: a move away from U.S.-centric globalization to a more China-centric globalization. Why will this trend continue? The American population has lost faith in globalization and international trade. Free trade agreements are toxic, with or without U.S. President Donald Trump. By contrast, China has not lost faith. Why not? There are deeper historical reasons. Chinese leaders now know well that China’s century of humiliation from 1842 to 1949 was a result of its own complacency and a futile effort by its leaders to cut it off from the world. By contrast, the past few decades of economic resurgence were a result of global engagement. The Chinese people ...

Americans are more likely to consider infectious diseases a top national threat than any other issue, a sharp upturn as the coronavirus pandemic rattles the world, a survey said Monday. The Pew Research Center found that 79 percent described the spread of infectious diseases as a major threat to the United States, edging out the 73 percent who said the same about terrorism or the spread of nuclear weapons. The COVID-19 pandemic has changed perceptions dramatically. Only 52 percent ranked infectious disease as a major threat in 2014 when Pew asked the question amid the Ebola outbreak in Africa, which was quickly contained in the United States. A number of experts have already predicted that the new coronavirus will alter priorities for US national security and academia, much like the September 11, 2001 attacks brought an overwhelming focus on terrorism and the Islamic world. Pew, which surveyed 1,000 Americans, found that concerns about infectious disease crossed partisan and ge...

BEIJING - As the clock struck midnight, Wuhan's skyline lit up in a riot of colours as moving images bounced off buildings in a spectacular light show to mark, oddly enough, the end of a brutal clampdown that forcibly sealed in 11 million people for more than two months. The images, beamed live across the country on state television, symbolised the city's victory in a hard-won battle against the coronavirus outbreak that began in this central Chinese metropolis in December and which has since spread to all continents except Antarctica. Yet, senior officials and state media were just as quick to urge caution over celebrating too soon, even as city authorities put on the dazzling countdown show. Vice-Premier Sun Chunlan, while inspecting preparations in Wuhan on Tuesday night (March 7) before the lockdown was lifted, ordered public transport workers not to let their guard down, and "leave absolutely no loopholes", she was reported to have said. State media began promot...

The production of food and beverages is an important, although by no means the largest, component of the separation equipment market. A review of this sector must begin with a definition of its content, which, fortunately, is reasonably precise, involving little overlap with other sectors. The major anomaly lies in the production of drinking water, strictly the largest of the beverages, but in fact so large as to be in an end-use sector of its own, and therefore not included here. Minor classification problems would include the production of fermentation ethanol, as a fuel or as a beverage (or an industrial chemical), and the use of animal or vegetable fats and oils for industrial purposes. The actual coverage by this article of the specific end-use applications is then as given in the following list, in the order used in the UK Standard Industrial Classification: • Processing of meat, fish and their solid products (excluding oils and fats). • Processing of fruit and vegetables and the...