OECD warns of global economic slump due to COVID-19
(CNS): The Organisation for Economic Co-operation and Development is warning governments that the novel coronavirus, COVID-19, could cause significant economic disruption, with travel and tourism included as industries that will be most affected. More than 90,000 people have now been infected with COVID-19 globally and about half of them have recovered. More than 3,000 people have died, the majority in mainland China. The death toll in the US from the virus is currently six, though that country has not been included in the Cayman Islands’ travel restrictions.
Cruise line stocks are already tumbling, with concerns that booking will drop even further in response to reports of the experiences of passengers on board the Diamond Princess, who were quarantined for two weeks in the Japanese port of Yokohama. Of the 3,711 passengers and crew members on board, 705 were infected and five ultimately died.
In addition, the World Dream was quarantined off of Hong Kong for four days, while the Westerdam was refused entry into Japan, the Philippines, Singapore, Malaysia, Taiwan and Thailand before finally being allowed to dock in Cambodia after nearly two weeks at sea. Other cruise ships have been refused landing, including the MSC Meraviglia, which was turned away from Grand Cayman last month amid fears of coronavirus contagion, which turned out to be a false alarm.
The OECD’s latest Interim Economic Outlook found that even in the best-case scenario of limited outbreaks in countries outside China, a sharp slowdown in global economic growth is expected in the first half of 2020, and is predicted to drop to 2.4% for the whole year.
The OECD is urging governments to act immediately to limit the spread of COVID-19 and to protect people and businesses from its effects.
The report found that flexible working should be used to preserve jobs, and governments should implement budgetary measures to cushion the impact in sectors most affected by the downturn, such as travel and tourism. It also suggested that adequate liquidity should be provided to allow banks to help companies with cash-flow problems while containment measures are in force.
OECD Chief Economist Laurence Boone said, “The virus risks giving a further blow to a global economy that was already weakened by trade and political tensions. Governments need to act immediately to contain the epidemic, support the health care system, protect people, shore up demand and provide a financial lifeline to households and businesses that are most affected.”
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it’s a viral infection…. it is bound to claim some peoples lives…. just as many other viral infections, sepsis, cancer, road accidents and many other things..
Can’t wait for the economic crash – bring back the good old days…
I know right? Great times ahead. I’m really getting tired of this booming economy. We need a break.
Booming for who? Certainly not Caymanians.
Lol…why are you lumping all Caymanians together? Maybe look in the mirror now and again.
Booming for people that paid attention in school, respected their elders and authority, listened more and talked less, took the right path more times than not, worked their way up and became very good at their profession which they also chose wisely. These qualities describe many many Caymanians, I’m sorry you don’t know them.
I think that it was the best possible move to deny entry to the ship, and I am hoping that the powers in charge in Grand Cayman realize that this is the absolute right decision to protect their country and their citizens, and other visitors who have not been exposed to the virus. This is the only possible way to contain it. The long term fallout, both economic and health-wise, from having the first cases of coronavirus on the island would far surpass the economic fallout from turning away ships of tourists in the short term until this coronavirus issue is resolved or at least under control.
You simply can’t protect your country from a highly contagious virus. You close your windows, it would get in through your door. Cargo ships, illegal boats, private planes to name just few. One doesn’t have to exhibit signs of illness to spread a virus.
I’d be surprised if MSC Meraviglia didn’t sue Jamaica and the Cayman Islands. Both islands denied that ship, carrying a single quarantined crew member, that had tested negative for COVID-19, without having reviewed their medical logs. The knock on business effect to other liners has been that “we, Cayman Islands people, are idiots”. Moses K wants to be given a milkbone for having to coax Carnival to come back this week. That’s how @$%ed up this self-defeating, not-listening-to-anyone Cabinet logic-train is. Other Eastern and Western Carib cruises have also been cancelled in light of our illustration of Caribbean nonsensical irrational stigma against foreign visitors, even those with other minor illness or allergy, and despite voluntarily quarantine. The exact dangerous knee-jerk stigma that WHO has cautioned against. Caymankind.
They will be lucky if cruise ship industry doesn’t come to a full stop for at least several months.
2:49 when should CIG turn away ships!
I was saying to myself that something needed to happen to slow the economy as too many were taking advantage and raping average people. The trickle down effect of this virus world wide will be interesting. Take your vitamins and avoid crowds, and unnecessary travel folks.
Which country in the world has the best experience in the fight against the epidemic, hundreds of physicians who have gained good experience and some already proven drugs? China of course. .
These days, China is making full use of its experience, including as a diplomatic weapon. For example, Japan and Iran were among the first to send medical help to China. Now they themselves receive such assistance from China – especially Iran, where a powerful team of seasoned experts from China has just landed.
Chinese propaganda now reminds leaders and the public, especially in the US, of their initial (and simply ugly) reaction to the epidemic. It also reminds who produces raw materials for many American medicines, as well as the general idea of the current administration to “break the link between the two economies.” I wonder if the “election virus” in the USA will lead to the idea that perhaps the Trump team should not have declared China the main opponent of America, if one day it could be its main savior?
What I am not understanding is why are there no reports on survivors of the virus. On the Japanese ship 705 confirmed cases with 5 reported deaths. What can we learn from the 700 survivors ? Although I am taking the precautions and being informed I don’t think we are in panic mode any time soon. The fact that there are 700 people out there that had it and are still living and breathing that we are aware of says that its not the “end of the world” crisis that people trying to make it out to be. I suggest people educate themselves and use logic and common sense. I just got over a 2 week bad flu and trust me if I could survive that, this COVID-19 virus is the least of my worries.
CNS: In the first paragraph of this article it says that about half of the 90,000 identified cases of COVID-19 have now fully recovered. There are some estimates that the death rate is 2-3%, however it is also assumed that there are many cases that have not been identified because of the lack of testing capacity of public health authorities or because the symptoms are mild and people just think they have a cold or flu. So it’s very likely that the death rate will be significantly lowered at some point, but at the moment no one really knows.
Don’t forget that in the US, at least, the charge for testing is astronomical for an average person.
I just read an article about a woman that was attacked by a bear in the US. As it was eating her face, she was worrying about insurance/ her health care.
I love Republicans and the un-educated!
yawn…keep feeding the media hype trashfire.
some ppl won’t be happy until we have talked ourselves into a recession
Can you imagine if the port went ahead?
Yes, I can imagine the mess and destruction of the unfinished project of such magnitude.
Thank God, genie, allmighty, universe or whoever for intervening.
That would be CPR.
Thank you Jah Jah.
“Officials also used the press conference to emphasize basic hand hygiene and common sense approaches to the virus, reminding people that most infected patients will not need hospitalization and can treat mild to moderate illnesses at home.”
Seattle Times
Unna should be concern about that headline,
On average 400.000 people die each year from the flu.
500.000 little kids die each year from hunger and poor healthcare.
But the media makes us scared for this corona virus, because it generates money.
Disgusting.
1000’s of children each year are sexually molested by the catholic church.
Who cares about this virus?
Answer: opportunists like religious leaders, politicians , pharma industrie, share holders etc.
All to put fear in us, just to gain more money and power.
Do not be fooled. Put things in perspective..
Can’t we care about it all?
Calm down! The media’s job is to report it. They would be remiss and as stoopud as the American President if they didn’t.
Some people that read the news panic.
Some people that read the news keep vigilant.
Some people that have the news read to them try you shame reporters for doing their job. You know a little, but you don’t know much.
Calm down.
That’s the end of the cruise port.
All you that have been calling for controlling and/or stopping economic growth.
Well now you got it.
Good!
Good. We need a bit of a cooling off on Grand Cayman. Things are getting out of control and we certainly don’t need 100,000 plus people and a 50 storey building. Cost of living here is rocketing out of sight except for the billionaires and millionaires on island who can afford it.
The grievance/perpetually unhappy brigade is either really large or really loud. When the economy goes down….and it will…it always does, you won’t be happy then. Not happy in good times, not happy in bad times. Such downers about everything.
Oh boo hoo.
Must be great to be a millionaire 11:16.
There are worse things. There are better things.
There is affordable health insurance and no health insurance.
Does that scare you? Where is your god now?
By my side always.
Take off your hate function, Sputnik!
In West Bay, correct?
My God lives in West Bay.
Maybe now we can have sustainable growth rather than total free for all growth.
What the frig is sustainable growth in this little 2X4?
It is not building 50 storey buildings and concreting over all of Seven Mile Beach.
Boi you can hear some shit!
Sustainable growth in this small island developing economy😂😂😂
Unna betta tek wat de frig unna can get!
LOL!
Good thing you didn’t start your freaking port project.