Be ready to face unexpected economic slowdown, EU to tell G-20
BRUSSELS (REUTERS) - European Union finance ministers will warn their counterparts from the world's most industrialised nations they should get ready to face a potentially large global slowdown, an EU document seen by Reuters says.. Read more at straitstimes.com.
The warning adds to concerns over the impact of the coronavirus outbreak in China whose death toll spiked on Thursday (Feb 13) after a new testing method for infections was introduced in Hubei province, the epicentre of the epidemic.Without explicitly mentioning the coronavirus, the EU will tell a Group of 20 meeting of finance ministers next week that the world should get ready for unexpected bad news.
"The G-20 should safeguard against downside risks and be ready to respond to a larger than expected slowdown," the EU's internal document says.Earlier on Thursday, the European Commission, the EU executive arm, said the coronavirus epidemic represented a key downside risk for economic growth, although its impact was difficult to gauge at the moment.
Global growth is estimated to have slowed in the last quarter of 2019, but is forecast to pick up speed this year.The International Monetary Fund forecast in early January that world output would rise 3.3 per cent this year, up from 2.9 per cent in 2019 but down from its previous estimate of a 3.5 per cent expansion.
The EU text will be adopted on Tuesday at a meeting of EU finance ministers before being distributed at a G-20 meeting of finance ministers and central bank governors on Feb 20-23 in Riyadh."Global economic growth remains weak, amid signs of stabilisation, in particular in global manufacturing," the document says, adding that trade tensions remain elevated even after last months initial trade deal between the United States and China.
Mad cow fright keeps EU cautious on food rulesBRUSSELS: The spectre of the 1990s mad cow crisis means the European Union is likely to reject US demands it ease strict food safety rules, even ...
EU seeks better coordination to tackle coronavirusBRUSSELS (AFP) - European Union nations will on Thursday (Feb 13) discuss ways to increase cooperation in a bid to tackle the threat posed by the coronavirus which has killed over 1,100 people in China and spread to several EU member states.. Read more at straitstimes.com.
Google says EU antitrust regulators holding back innovationGoogle defended its business model on Wednesday, saying that making innovative products was at its core rather than helping rivals, as it sought ...
EU partially withdraws Cambodia's duty-free trade privilegesBANGKOK - Citing concerns over human rights, the European Union announced its decision to partially roll back Cambodia's duty-free trade privileges on Wednesday (Feb 12).. Read more at straitstimes.com.
Google vs EU: A decade-long saga goes to courtGoogle and the EU have a big day in court Wednesday as the search engine giant enters a new phase of a legal saga that began a decade ago.
EU seen opening up trade to Vietnam, closing door to CambodiaSTRASBOURG/BRUSSELS (REUTERS) - The European Union (EU) is expected to open its markets to Vietnam on Wednesday (Feb 12), while closing its trade doors with Cambodia, rewarding the former for progress on labour guarantees and sanctioning the latter for human rights abuses.. Read more at straitstimes.com.