Presidency media statement economic recovery
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President Cyril Ramaphosa says that the 13.5% rebound in GDP during the third quarter of 2020 (or 66.1% on an annualised basis) shows that a strong economic recovery is possible, even as the economy remains below its pre-pandemic levels.
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This document is the budget speech for 2017-18 by the Minister of Finance of India, Arun Jaitley. It discusses 10 themes for the upcoming budget: farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, and tax administration. For farmers, the budget aims to double their income in 5 years by increasing credit availability to 10 lakh crores for agriculture and expanding crop insurance coverage.
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The COVID-19 pandemic has severely impacted Bangladesh's economy, especially the critical readymade garment (RMG) industry. Exports from the RMG sector declined by nearly 17% in 2020 due to canceled orders from major importing countries in Europe and America. Millions of RMG workers lost their jobs or were furloughed as factories closed during lockdowns. While garment exports rebounded somewhat in mid-2020, the long-term impacts of the pandemic on the RMG industry and Bangladesh's economy remain uncertain. The study recommends government assistance and policy responses to mitigate damage to the RMG sector and prevent broader economic and social crises.
Weekly media update 06 04_2020
- Balmer Lawrie contributed over Rs. 1.28 crore to the PM CARES Fund to help fight COVID-19 in India. This included Rs. 1 crore from its CSR fund and a voluntary contribution of one day's salary from employees.
- Several reports downgraded India's expected economic growth for FY2021, with forecasts ranging from 2% to 4.6% due to the impact of COVID-19 and the nationwide lockdown.
- Core infrastructure sectors grew 5.5% in February, the highest in 11 months, but the recovery is not expected to continue due to COVID-19 disruptions. Factory activity also grew at its slowest pace in 4 months in March.
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- Several reports downgraded India's expected economic growth for FY2021, with forecasts ranging from 2% to 4.6% due to the impact of COVID-19 and the nationwide lockdown.
- Core infrastructure sectors grew 5.5% in February, the highest in 11 months, but the recovery is not expected to continue due to COVID-19 disruptions. Factory activity also grew at its slowest pace in 4 months in March.
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Presidency media statement economic recovery
- 1. MEDIA STATEMENT TO ALL MEDIA/NEWS EDITORS 08 DECEMBER 2020 PRESIDENT CALLS FOR MOMENTUM OF ECONOMIC RECOVERY TO BE SUSTAINED AFTER ENCOURAGING GDP GROWTH IN Q3 2020 President Cyril Ramaphosa says that the 13.5% rebound in GDP during the third quarter of 2020 (or 66.1% on an annualised basis) shows that a strong economic recovery is possible, even as the economy remains below its pre-pandemic levels. GDP growth in the third quarter surpassed even the most optimistic market expectations, with a surprisingly swift increase in economic activity as most restrictions designed to contain the spread of COVID-19 were lifted. Gross fixed capital formation also increased at a rate of 26.5%. While GDP contracted 6% year-on-year, the strong increase from the second quarter suggests that the economy is recovering more quickly than expected. In recent months, encouraging green shoots have emerged which provide a foundation for economic reconstruction and recovery. The mining and agriculture sectors in particular have demonstrated robust growth in the context of favourable market conditions. As a result of large trade surpluses, a record current account surplus is anticipated. Fast-growing sectors such as Global Business Services have continued to expand and create employment at a rapid pace, showing new areas of potential for future growth. The swift rebound in the third quarter was supported by the tickle-up stimulus effects of the emergency relief package announced by the President in April 2020, which has included direct payments to over 22 million South Africans through additional grant payments, the Special COVID-19 Grant and the COVID-19 Temporary Employer/Employee Relief Scheme. In addition, a strong recovery in economic activity was made possible by the country’s success in bringing the virus under control.
- 2. The President said: “The strong rebound in GDP growth for the third quarter provides support for the approach that we have taken both to confront the pandemic and to protect the economy. Our task now is to ensure that this momentum is sustained, to enable a full recovery of the economy.” A resurgence of the virus is now the single most serious threat to the economic recovery that is underway. As we move into celebrating the festive season and spending time with our families, we must remain vigilant to prevent a second wave. The President calls on all South Africans to wear a mask, keep a safe distance from others, avoid crowded or poorly ventilated spaces and wash hands regularly. These simple measures are necessary not only to protect ourselves and others, but to support the continued recovery of the economy. Media enquiries: Tyrone Seale, Acting Spokesperson to the President