‘An unprecedented fiscal response’ – political and business leaders on managing the coronavirus crisis

trump US

(Credit: Unsplash)

This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

Author: Christopher Alessi, Digital Editor, World Economic Forum


“If we’re able to reopen the economy over the summer, you’re going to see a big rebound in the third and fourth quarter in the US.”

That was the assessment of US Treasury Secretary Steven Mnuchin on the potential recovery of the US economy later this year during a digital meeting of the Forum’s COVID Action Platform on 22 April.

Launched last month, the Forum’s platform aims to convene the business community for collective action to protect people’s livelihoods, facilitate business continuity and mobilize support for a global response to the COVID-19 pandemic. To date, more than 1,300 companies, organizations and individuals have joined the platform.

In addition to Mnuchin, participants on this week’s webinar included Ivan Duque, President of Colombia; Kevin Sneader, Global Managing Partner, McKinsey & Company, Hong Kong SAR, China; Rob Shuter, Group President and Chief Executive Officer, MTN Group, South Africa and Shobana Kamineni, Executive Vice-Chairperson, Apollo Hospitals Enterprise, India.

Here are some key quotes from the session:

On the economic situation:

Through its recent coronavirus stimulus packages the US government has delivered “an unprecedented fiscal response for small and medium sized businesses,” Mnuchin said.

“It’s now the moment to have stronger multilateral action. We’re all fighting for the same ventilators, the same reactants, the same machines, and we need to have a bigger acquisition in Latin American in order to protect lives,” Duque argued. He also added: “We need more liquidity from multilateral institutions,” to help small businesses stay afloat and fuel Colombia’s economic recovery.

“We are looking at a Roosevelt like plan – infrastructure, jobs, generous monetary package for companies – especially SMEs – to restart and survive,” Kamineni said of India’s planned fiscal response to the crisis.

On business continuity:

Commenting on the complex task that businesses face in the current climate, Sneader said: “We need the microscope to look at the detail of the here and now and the telescope to look far ahead. If you put a microscope in one eye and a telescope in the other you just get a headache.”

“Have a group of colleagues who are very focussed on bringing back business, and have another group that can look ahead and reimagine what the business is going to be, so that what you’re bringing back isn’t a business designed for the old past but is one that is designed for the next normal,” he added.

 

On health:

“One thing that India has done well is that we have enough pharmaceuticals. In fact we’re sharing it with the world,” Kamineni said.

She also noted that “countries are coming together to share treatment modalities – and I think that a vaccine will emerge because of so much collaborative effort”.

On technology:

“We fully support leveraging the technology to deal with the pandemic. But of course it needs to be customized to the realities of Africa,” Shuter said on using mobile phones for contact tracing to help contain the virus across the continent.

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

UN chief sends condolences to families of Malawi flood victims

Food safety: Enhancing consumer trust in EU risk assessment and authorisation

This company helps women to become solar entrepreneurs

Continuing incarceration of women’s rights activists in Saudi Arabia, ‘reprehensible’: UN experts

7 simple steps we can all take to reduce food waste

Globalization is changing. Here’s how your business can adapt

The rise and rise of media on your mobile phone – in one chart

The impact of COVID-19 on the life of the elderly

UN spotlights digitization of audiovisual archives to preserve human history on World Day

Central Africans ‘need our help now’: UN’s deputy relief chief

UN human rights report cites ‘multiple root causes’ of deadly Chile protests

3 important lessons from 20 years of working with social entrepreneurs

Employment: Commission proposes €1.6 million from Globalisation Adjustment Fund to help 400 workers made redundant in Carrefour Belgique

Support ‘winds of change’ in DR Congo to consolidate positive developments, urges UN mission chief

What we take for granted: The EU is not perfect

Healthcare workers’ safety: a forgotten necessity

As COP25 goes into the night, Guterres calls for more climate ambition

European Commission registers Χαλλούμι/Halloumi/Hellim as a Protected Designation of Origin (PDO)

G20: Less growth, more austerity for developing countries

Germany resists Macron’s plan for closer and more cohesive Eurozone; Paris and Berlin at odds

WEF Davos 2016 LIVE: “Chinese economy has great potential, resilience and ample space for policy adjustment”, China’s Vice President Li Yuanchao reassures from Davos

Millions denied citizenship due to ideas of national, ethnic or racial ‘purity’: UN rights expert

Paris, Washington, IMF against Berlin and ECB on money and interest

Myanmar: New UN envoy offers to serve ‘as a bridge’, recognizes ‘positive steps’ over Rakhine state

Guinea-Bissau spotlights threats of organized crime, Sahel terrorism in speech to UN Assembly

COVID-19: What you need to know about the coronavirus pandemic on 4 January

Palm Oil: With Malaysia cracking down on production, what’s the alternative?

A Monday to watch the final act of a Greek tragedy; will there be catharsis or more fear?

Data exchanges: Strengthening Europol cooperation with non-EU countries

Migration and rule of law on next ACP-EU Parliamentary Assembly agenda

Violence on the rise in Darfur following Sudan military takeover, but UN-AU peacekeeping mission maintains ‘robust posture’

This is why retail is such a sore point in India-US trade relations

President David Sassoli to visit Skopje: “Remain on the European track”

Former Chilean President Bachelet put forward by UN chief as next High Commissioner for Human Rights

How to keep essential value chains moving during the COVID-19 crisis

Mergers: Commission opens in-depth investigation into proposed acquisition of Metallo by Aurubis

A small group of world leaders are standing together against inequality

EU budget 2019 approved: focus on the young, innovation and migration

Forget 2009, this is the real credit crisis of our time

Energy Union: deals on efficiency targets and governance

UPDATED: Thousands flee fighting around Libyan capital as Guterres condemns escalation, urges ‘immediate halt’ to all military operations

New seat projections for the next European Parliament

The new era of Matriarchy?

4 ways to keep the momentum rolling on mental health

Services are the hidden side of the US-China trade war

Spring 2019 Economic Forecast: Growth continues at a more moderate pace

Visa-free access to the EU for UK nationals and to the UK for EU nationals

Top officials say UN will support Bahamas’ rescue, relief efforts as Hurricane Dorian churns in Atlantic

Budget Committee backs €2.3 million worth of aid to help 550 redundant media workers in Greece

Human rights on film: International festival celebrates mobile phone films for a cause

EU fight against tax-evasion and money laundering blocked by Britain

World Population Day: ‘A matter of human rights’ says UN

Ahead of UN summit, leading scientists warn climate change ‘hitting harder and sooner’ than forecast

The invisible L word: the struggles to achieve SRHR, as HIV/AIDS prevention and treatment for lesbian population

To solve the climate crisis, we need an investment revolution

‘Great Pacific Garbage Patch’ clean-up project launches trial run: UN Environment

Parliament votes reform for better European Co2 market but critics want it sooner than later

How COVID-19 accelerated the shift towards TradeTech

Why the UK government must do more to boost green revolution

On Brexit: the outcome of UK elections next May to be based on false promises?

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s