Black Box Report

Asia’s economy likely to suffer zero growth for the first time in 60 years: IMF

2020-04-16T15:24:00.001+05:00

This year Asia’s economic growth will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented” toll on the region’s service sector and major export destinations, the International Monetary Fund said on Thursday.

Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF’s Asia and Pacific Department.

“These are highly uncertain and challenging times for the global economy. The Asia-Pacific region is no exception. The impact of the coronavirus on the region will be severe, across the board, and unprecedented,” he told a virtual news briefing conducted with live webcast.

Asia’s economy is likely to suffer zero growth this year for the first time in 60 years, the IMF said in a report on the Asia-Pacific region released on Thursday.

China’s economy is expected to grow by 1.2pc this year, down from 6pc growth in the IMF’s January forecast, on weak exports and losses in domestic activity due to social distancing steps.

Asian policymakers must offer targeted support to households and firms hit hardest by the pandemic, the IMF said, calling also for efforts to provide ample liquidity to markets and ease financial stress faced by small and midsize firms.

India's PM extends nationwide coronavirus lockdown until May 3: India

2020-04-14T16:19:00.001+05:00

Indian Prime Minister Narendra Modi has extended the country's nationwide lockdown until “May 3” in a bid to contain the continued spread of the coronavirus, but said that some states which have avoided outbreaks may be allowed to resume "important activities."

Speaking in a televised address on Tuesday, PM Modi said it was vital that the virus is prevented from impacting parts of the country that remain unaffected.

"My request to all my countrymen is that coronavirus will not be allowed to spread across new areas at any cost," said Modi, who wore a scarf covering his mouth and nose which he removed before speaking. "We have to be very careful about hotspots. We will have to keep a close watch on the places that are expected to become hotspots."

The 21-day lockdown for India's 1.3 billion people came into force at the end of the day on March 24 and was set to expire on Tuesday, April 14.

Since the lockdown was enforced, only essential services have been operational. Those include water, electricity, health services, fire services, grocery stores and municipal services.

Trump insists he has total authority over lifting Lockdown: BBC

2020-04-14T13:48:00.003+05:00

President Donald Trump has claimed that he has the total authority to decide how and when to reopen the US economy and said, “When somebody is president of the United States, the authority is total. The governors know that.”

The president of the United States calls the shots, Mr. Trump said during a combative press conference in which he feuded with reporters. But the US Constitution says the states maintain public order and safety.

Ten states on the US East and West coasts are planning to lift their strict stay-at-home orders.

The US is the global epicenter of the coronavirus pandemic with 554,6849 confirmed cases and 23,608 deaths.

After President Donald Trump claimed the “Total” authority governors from both parties were quick to push back, noting they have primary responsibility for ensuring public safety in their states and would decide when it’s safe to begin a return to normal operations.

Trump would not offer specifics about the source of his asserted power, which he claimed, despite constitutional limitations, was absolute.

The comments came not long after Democratic leaders in the Northeast and along the West Coast announced separate state compacts to coordinate their efforts to scale back stay-at-home orders or reopen businesses on their own timetables.

Pakistan ‘Dow University’ experts claim they have coronavirus cure: Karachi

2020-04-13T21:50:00.003+05:00

Pakistan ‘Dow University of Health Sciences (DUHS)’ medical experts have claimed on Monday that they have created a drug to treat patients suffering from the coronavirus disease, Pakistan local News reported.

Talking to News channel Professor Muhammad Saeed Qureshi, member of the research team, said that Intravenous Immunoglobulin is a great development in the fight against novel coronavirus.

He said the globulin was manufactured with purified antibodies, obtained from the recovered coronavirus patients. Professor Shaukat Ali, head of the research team, has termed the corona cure as a ray of hope amid the pandemic crisis.

On April 09, the Drug Regulatory Authority of Pakistan (DRAP) allowed clinical trials of blood plasma therapy to treat coronavirus patients in the country.

Plasma, the fluid in blood teeming with antibodies post-illness, has already proven effective in small studies to treat infectious diseases including Ebola and SARS.

The announcement was made by Special Assistant to PM on Health, Dr.Zafar Mirza, here today. “The DRAP has also approved local manufacturing of the raw material of the anti-malarial drug, chloroquine.”

As of April 13, confirmed coronavirus cases reached 5,374 in the country as 93 people have died from the infection till to date, according to the national dashboard.

Spain Cases Slow Again; 70 Vaccines in Development: Virus Updates

2020-04-13T16:58:00.002+05:00

Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said. Spain reported the fewest number of new cases since March 20.

WHO says 70 vaccines are in development. The furthest along in the clinical process is an experimental vaccine developed by Hong Kong-listed CanSino Biologics Inc. and the Beijing Institute of Biotechnology, which is in phase two. The other two being tested in humans are treatments developed separately by U.S. drugmakers Moderna Inc. and Inovio Pharmaceuticals Inc., according to a WHO document.

Spain reported the smallest number of new coronavirus infections since March 20 on Monday and saw the daily death toll decrease. Over the past 24 hours, there were 3,477 new cases detected, bringing the total number to 169,496, the health ministry said. The country saw 517 more people die from Covid-19, bringing the total to 17,489.

Pakistan to receive more medical supplies from China as coronavirus cases cross 4,700

2020-04-12T12:07:00.000+05:00

Pakistan is set to receive more medical supplies from its all-weather ally China to fight the coronavirus outbreak in the country where the Covid-19 cases have sharply increased to 4,788 and death toll reached 71, officials said on Saturday.

The Ministry of National Health Services, in an early morning update on its website, reported that five patients died of coronavirus in the last 24 hours.

The total number of cases on Saturday rose to 4,788 with more than 190 fresh infections. The death toll from Covid-19 has reached 71. As many as 762 have recovered while 50 were in critical condition, it said.

According to the data, Punjab reported 2,336 Covid-19 patients, Sindh 1,214, Khyber-Pakhtunkhwa (KP) 656, Balochistan 220, Gilgit-Baltistan (GB) 215, Islamabad 113 and Pakistan-occupied Kashmir (PoK) 34.

A special plane of Pakistan International Airline (PIA) is arriving from China with more medical supplies. It is the second plane to arrive in two days, Naghmana Hashmi, Pakistan's Ambassador to China, said.

"PIA special plane with 50 donated ventilators, equip & PPEs (personal protective equipment) left Chengdu for Islamabad today. One plane of relief goods from Beijing went yesterday," she tweeted.

Earlier on March 27, the Khunjerab pass between Pakistan and China was opened for a day to receive Chinese medical supplies.

Pakistan and China describe their relations as all-weather strategic cooperative partnership and have firmly supported each other on issues concerning each other's core interests.

COVID-19 to hit SOUTH ASIA very hard, likely to wipe out gains made in poverty alleviation: World Bank

2020-04-12T11:29:00.002+05:00

The global coronavirus pandemic will hit South Asia very hard and the significant gains made in poverty alleviation in the region are likely to be wiped out due to the impact of the deadly disease, the World Bank warned on Sunday. In its twice-a-year regional update, the bank said that South Asian governments must ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage for fast economic recovery.

The latest report 'South Asia Economic Focus' anticipates a sharp economic slump in each of the region's eight countries, caused by halting economic activity, collapsing trade, and greater stress in the financial and banking sectors. The COVID-19 pandemic will hit South Asia very hard and the significant gains made in poverty alleviation in the region are likely to be wiped out, the report warned. In this fast-changing and uncertain context, the report for the first time presents a range of forecast, estimating that regional growth will fall to a range between 1.8 and 2.8 per cent in 2020, down from 6.3 per cent projected six months ago. That would be the region's worst performance in the last 40 years, with temporary contractions in all South Asian countries.

In case of prolonged and broad national lockdowns, the report warns of a worst-case scenario in which the entire region would experience a negative growth rate this year. This deteriorated forecast will linger in 2021, with growth projected to hover between 3.1 and 4.0 per cent, down from the previous 6.7 per cent estimate, it said. Maldives is expected to be the worst hit along with Afghanistan, Pakistan and Sri Lanka, wherein the full range of forecast is in negative territory, said Hans Timmer, World Bank Chief Economist for the South Asia Region. The other countries are likely experiencing short term recessions, but the fiscal year growth numbers could be seen positive, he added.

CoronaVirus Vaccine Could Be Ready in Six Months: Times

2020-04-11T20:00:00.007+05:00

A vaccine against the Coronavirus could be ready by September, according to a scientist leading one of Britain’s most advanced teams.

Sarah Gilbert, professor of vaccinology at Oxford University, told The Times on Saturday that she is 80% confident the vaccine would work, and could be ready by September. Experts have warned the public that vaccines typically take years to develop, and one for the Coronavirus could take between 12 to 18 months at best.

In the case of the Oxford team, however, “it’s not just a hunch, and as every week goes by we have more data to look at,” Gilbert told the London newspaper.

Gilbert’s team is one of dozens worldwide working on a vaccine and is the most advanced in Britain, she told the Times. As the country looks set to begin its fourth week under lockdown, a vaccine could be fundamental in easing the measures and returning to normal life. Gilbert said human trials are due to start in the next two weeks.

Apple and Google team up on virus "contact tracing" by Smartphone

2020-04-11T17:33:00.005+05:00

Google and Apple unveiled a joint initiative Friday to develop a coronavirus smartphone "contact tracing" tool that could potentially alert people when they have crossed paths with an infected person.

Which brings together the largest mobile operating systems in an effort to use smartphone location technology to track and potentially contain the global COVID-19 outbreak.

It will allow apps to be created enabling smartphones powered by Apple software and Google-backed Android operating system to exchange information with a joint "opt in system" using Bluetooth wireless technology.

The companies next month plan to release software interface technology so that an alert would work regardless of the operating system.

The companies said in a joint statement "All of us at Apple and Google believe there has never been a more important moment to work together to solve one of the world's most pressing problems,".