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Dec-2020

economic and employment after 2020

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pharma was actually identified as one of the very few “winners”, while motor vehicles was (and continues to be) one of the biggest “losers”. On 12 October, the Commission announces the first provisional results of the Coronavirus Response Investment Initiative and Coronavirus Response Investment Initiative Plus: €8.4 billion have been mobilised through issuing grants, loans and a series of financial instruments to support the economy and, in particular, Small and Medium enterprises. Factsheet: The EU helps reboot Europe's tourism, Questions and answers: Tourism and transport package. The amendment further expands on the flexibility introduced by the Commission's State aid Temporary Framework with respect to the possibility by State insurers to provide insurance for short-term export-credit. €17 billion was disbursed by the Commission to 3 EU countries in a, €14 billion was disbursed by the Commission to  9 EU countries in a, €8.5 billion was disbursed by the Commission to 5 EU countries in a. develop secondary markets for distressed assets – this will allow banks to remove non-performing loans off their balance sheets, while ensuring further strengthened protection for debtors; reform rules on corporate insolvency and debt recovery –  uniting various insolvency frameworks across the EU, while maintaining high standards of consumer protection would increase legal certainty and speed up the recovery of value; support a network of asset management companies – this helps banks focus on lending to viable businesses and households. Nenumatytų atvejų rezervo lėšų mobilizavimas. We delivered,” said President Ursula von der Leyen. On 30 October, the Council adopted the Commission’s proposal for a Council Recommendation on a Bridge to Jobs from 1 July 2020, reinforcing the existing Youth Guarantee. SURE will provide up to €100 billion in financial support. ), (Covid-19- Pacchetto economico - quadro finanziario pluriennale 2014-2020), (Covid-19 — Ekonomikas pakete: daudzgadu finanšu shēma 2014.–2020. However, the fact that SMEs are less likely to receive government support—in line with the fact that they generally face more obstacles in access to finance—serves as a warning sign and calls for improved policy responses to address the additional problems such firms are dealing with due to COVID-19. Young people signing up to the Youth Guarantee are entitled to receive an offer of employment, continued education, traineeship or apprenticeship within four months of leaving formal education or becoming unemployed. The first round of the survey included seven countries and collected a total of 1,040 valid responses. Да използваме всячески всяко налично евро, за да запазим човешкия живот и препитанието на хората), (Respuesta al coronavirus. ). Two scenarios were considered in the analysis which relied on firm-level financial data from the Orbis dataset: one scenario in which government support for firms is abundant, and a second scenario in which no such support is in place. Utilizar cada euro disponible de todas las formas posibles para proteger las vidas y los medios de subsistencia), (Reakce na koronavirus. The impact of COVID-19 in terms of cumulative incidences in these countries per 100,000 population differed considerably across the countries surveyed (Figure 7, Panel a). Dedicated guarantee schemes to banks based on existing programmes for immediate deployment, mobilising up to  €20 billion of financing; Dedicated liquidity lines to banks to ensure additional working capital support for small and medium-sized enterprises and mid-caps of  €10 billion; Dedicated asset-backed securities purchasing programmes to allow banks to transfer risk on portfolios of small and medium-sized enterprise loans, mobilising another €10 billion of support. Moreover, 20 per cent of firms stated that they had to lay off employees or are planning to cut one quarter or more of … Figure 9. After contracting sharply in the Great Recession, the economy began growing in mid-2009, following enactment of the financial stabilization bill (TARP) and the American Recovery and Reinvestment Act. €4.1 billion have been reallocated towards healthcare to purchase vital machinery and personal protective equipment to save lives. Figure 12. To fill this gap, UNIDO is piloting firm-level surveys across manufacturing firms in several emerging economies in Asia. ), (COVID-19: Paquete económico – Marco financiero plurianual 2014-2020), (COVID 19 – Ekonomický balíček – víceletý finanční rámec 2014–2020), (Økonomisk pakke i forbindelse med covid-19 – flerårig finansiel ramme 2014-2020), (COVID-19-Wirtschaftspaket – Mehrjähriger Finanzrahmen 2014-2020), (COVID-19 – Majanduspakett – Mitmeaastane finantsraamistik aastateks 2014–2020), (COVID-19 – Δέσμη οικονομικών μέτρων – πολυετές δημοσιονομικό πλαίσιο 2014-2020), (COVID-19 – Paquet économique – Cadre financier pluriannuel 2014-2020), (COVID-19 – Pacáiste eacnamaíoch – creat airgeadais ilbhliantúil 2014-2020), (COVID-19: Gospodarski paket – višegodišnji financijski okvir 2014.–2020. To fill this gap, UNIDO is piloting firm-level surveys across manufacturing firms in several emerging economies in Asia. “As in any crisis, when our industrial and corporate assets can be under stress, we need to protect our security and economic sovereignty,” Commission President Ursula von der Leyen said. The surveys were implemented with the support of the Regional Division of Asia and the Pacific and UNIDO field offices in the respective countries and were carried out in cooperation with the following partners: Afghanistan: Chamber of Commerce and Industries for Women; Chamber of Industries and Mines; Ministry of Industry and Commerce; Cambodia: Ministry of Economy and Finance, Ministry of Industry, Science, Technology and Innovation, The Cambodia Investment Board of the Council for the Development of Cambodia, Garments Manufacturers Association in Cambodia, European Chamber of Commerce in Cambodia, Cambodia’s Rice Federation, Young Entrepreneurs Association of Cambodia, Cambodia Women Entrepreneurs Association, UN Resident Coordinator’s Office, UN Economic Impact Group; Malaysia: Ministry of International Trade and Industry, United Nations Global Compact Malaysia Chapter and Federation of Malaysian Manufacturers; Mongolia: Ministry of Food, Agriculture and Light Industry; Mongolian Association of Leather Industry; Mongolian Wool Textile Association; National Association of Mongolian Agriculture Cooperatives; Mongolian Meat Association; Mongolian Food Industry Association; Pakistan: Ministry of Industries and Production; Small and Medium Enterprise Development Authority (SMEDA); PRGMEA; PFMA; PAPAAM; SIMAP; STAGL; Thailand: Ministry of Industry, Industrial Estate Authority of Thailand and Federation of Thai Industries; Viet Nam: Vietnam Industry Agency, Ministry of Industry and Trade and Agricultural Product Processing and Development Department, Ministry of Agriculture and Rural Development. The fishing and aquaculture sectors are eligible for support under the new Temporary Framework for State aid, the Coronavirus Response Investment Initiative and under the European Maritime and Fisheries Fund. “The Budget and Economic Outlook: 2020 to 2030.” Report 56020, January 28. At least €22 billion should be spent on youth employment support. 2014–2020 m. daugiametė finansinė programa), (Covid19 – Gazdasági csomag – A 2014–2020-as időszakra vonatkozó többéves pénzügyi keret ), (COVID-19 - Pakkett ekonomiku – qafas finanzjarju pluriennali 2014-2020), (COVID-19 – Economisch pakket – Meerjarig financieel kader 2014-2020), (Pakiet gospodarczy w odpowiedzi na COVID-19 – wieloletnie ramy finansowe na lata 2014–2020), (COVID 19- Pacote económico – Quadro financeiro plurianual para 2014-2020), (COVID-19 – Pachetul economic – Cadrul financiar multianual 2014-2020), (Balík hospodárskych opatrení v reakcii na COVID 19 – viacročný finančný rámec na roky 2014 – 2020), (COVEMID 19 – Gospodarski sveženj – večletni finančni okvir za obdobje 2014–2020), (Covid-19-talouspaketti – vuosia 2014–2020 koskevan monivuotisen rahoituskehyksen muuttaminen), (Ekonomiskt paket med anledning av covid 19 – den fleråriga budgetramen för 2014–2020), (Икономически пакет във връзка с COVID-19 — европейски структурни и инвестиционни фондове), (COVID-19: Paquete económico – Fondos Estructurales y de Inversión Europeos), (COVID 19 – Ekonomický balíček – evropské strukturální a investiční fondy), (Økonomisk pakke i forbindelse med covid-19 – de europæiske struktur- og investeringsfonde), (COVID-19-Wirtschaftspaket – Europäische Struktur- und Investitionsfonds), (COVID-19 – Majanduspakett – Euroopa struktuuri- ja investeerimisfondid), (COVID 19- Δέσμη οικονομικών μέτρων - Ευρωπαϊκά Διαρθρωτικά και Επενδυτικά Ταμεία), (COVID-19 – Paquet économique – Fonds structurels et d’investissement européens), (COVID-19 – Pacáiste eacnamaíoch – Cistí Struchtúracha agus Infheistíochta na hEorpa), (COVID-19: Gospodarski paket – europski strukturni i investicijski fondovi), (Covid-19 - Pacchetto economico - fondi strutturali e di investimento europei), (Covid-19 — Ekonomikas pakete: Eiropas strukturālie un investīciju fondi), (COVID-19 ekonominių priemonių rinkinys. Spread of COVID-19 around the globe, Source: Centre for Systems Science at the Engineering at John Hopkins University. The new measures include allowing self-organisation by market operators (the planning of joint promotion activities, organisation of storage, commonly planning production, etc.) The Emergency Support Instrument is based on the principle of solidarity and pools efforts and resources to quickly address shared strategic needs. Commission Autumn 2020 Economic Forecast. The Commission has mobilised more than €400 million to boost global preparedness, prevention and containment of the virus inside and outside Europe. Figure 1. Developing countries must also seize the opportunity and start preparing now to prevent the existing asymmetries from widening even further. In addition, on 2 April, the Commission proposed far-ranging measures to mobilise every euro of the EU budget to protect lives and livelihoods. The economic recovery might now be heading in the wrong direction. It is not a matter of simply pulling a switch that turns on the lights. On 26 March, the Commission issued guidelines for Member States on foreign direct investment. The composition and development of policy mixes throughout the different stages of the crisis as well as their effects on businesses and industries is another area that deserves attention. direct grants (or tax advantages) of up to €800,000 per company; subsidised State guarantees on bank loans; public and private loans with subsidised interest rates; banks’ existing lending capacities, and use them as a channel for support for businesses – in particular to small and medium enterprises - such aid is clearly direct aid to the banks' customers and not to the banks themselves; additional flexibility to enable short-term export credit insurance to be provided by the State where needed. The type of support firms are receiving varies across countries, with tax deferrals being the most widespread measure. Source: UNIDO elaboration based on our Statistic Data Portal. Change of trade in goods in % by country for the period March – April 2020. An interesting picture emerges when countries are categorized based on the decrease in their industrial production by comparing data from April 2020 and March 2019. The share of countries that experienced a decrease in manufacturing varies from 55 per cent (pharma) to 94 per cent (motor vehicles). Half of the firms surveyed expect a drastic decline in company profits (50 per cent or higher) for the year 2020 (Figure 8, Panel a). About 50 per cent of the countries suffered a decrease in industrial production of over 20 per cent. Governments around the world and the international community at large have mobilized efforts to cushion the immediate effects of the crisis, especially in the developing world, with the countries covered in our analysis being no exception. Under the newly adopted Temporary Framework for state aid, farmers can now benefit from a maximum aid of €100,000 per farm and food processing and marketing companies can benefit from a maximum of €800,000. This will make public short-term export credit insurance more widely available in light of the current crisis. Economic losses are not correlated to health impacts. As enterprises are facing a severe lack of liquidity and their trading conditions are increasingly exposed to financial risks, private insurers are withdrawing from the short-term export-credit market. They are calculated as the ratio of the employed to the working age population. The vast majority of respondents participating in the UNIDO firm survey stated that reductions in taxes and rent or in utility costs are measures they would applaud. This operation will make possible the financing of up to 100% of new investments and project across all economic sectors, with a particular focus on environmental investments. Backed by the European Fund for Strategic Investments, the main pillar of the Investment Plan for Europe, the agreement earmarked over €900 million in support the economic recovery of Spanish businesses. Firms are calling for tax cuts to respond to the crisis. Over €3.8 billion are earmarked for the FEAD for the 2014-2020 period. They include: Liquidity for tourism businesses, in particular small businesses, Saving jobs with up to €100 billion in financial relief from the SURE programme. (2020) finds that the direct costs of the COVID-19 pandemic associated with illness and mortality are lower than the indirect losses caused by the crisis. Expected impact of COVID-19 on firms’ profits and employment, by firm size. Fishing and aquaculture are among the sectors most immediately impacted by the crisis. Skubios paramos teikimo aktyvavimas), (Covid19 – Gazdasági csomag – A szükséghelyzeti támogatás aktiválása), (COVID-19 - Pakkett ekonomiku – attivazzjoni ta’ appoġġ ta’ emerġenza), (COVID-19 – Economisch pakket – Activering van noodhulp), (Pakiet gospodarczy w odpowiedzi na COVID-19 – uruchomienie wsparcia w sytuacjach nadzwyczajnych), (COVID 19 - Pacote económico - ativação do apoio de emergência), (COVID-19 – Pachetul economic – activarea sprijinului de urgență), (Balík hospodárskych opatrení v reakcii na COVID 19 – aktivácia nástroja núdzovej podpory), (COVID 19 – Gospodarski sveženj – aktivacija nujne pomoči), (Covid-19-talouspaketti – hätätilanteen tukivälineen aktivointi), (Ekonomiskt paket med anledning av Covid-19 – aktivering av krisstöd), (Икономически пакет във връзка с COVID-19 — мобилизиране на суми от Инструмента за гъвкавост за 2020 г. These figures clearly show that the COVID-19 crisis has affected the majority of countries around the world. This decline in remittances is mainly due to the adverse economic conditions of Arabian and gulf countries after the fall in oil prices in 2016. A comparison of data for April 2020 vs December 2019 reveals that industrial production fell by 20 per cent on average in 93 per cent of countries. With the Coronavirus Response Investment Initiative, the European Commission is offering quick and easy-to-use help at times when Europeans need it the most. Policies governments should implement, as indicated by firms (%). The Fund is expected to mobilise up to €200 billion of additional financing to support mainly small and medium-size enterprises affected by the outbreak in the 21 participating Member States. Around 8000 small and medium businesses across Italy will receive support for their investment projects, to help them recover from the economic crisis caused by the pandemic and support their green transition. European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic … In addition to these measures for the wine sector, the fruit and vegetable sector will also benefit from an increase of the EU’s contribution (from 50% to 70%) for programmes managed by producer organisations. The problems small firms are dealing with are not necessarily the same as those larger firms are facing. On 18 March, the European Central Bank’s Governing Council announced a new Pandemic Emergency Purchase Programme with an envelope of €750 billion until the end of the year, in addition to the €120 billion decided on 12 March. A wide range of financing is available: business loans, microfinance, guarantees and venture capital. Monthly reductions were further observed in India (- 55 per cent), North Macedonia (- 35 per cent), Malaysia (- 34 per cent), Turkey (- 33 per cent) and Slovakia (- 32 per cent). An extra €10 million fund will be allocated to boosting sales (fruit, vegetable, wine, live plants, dairy, potatoes sectors). The OECD recently analysed the expected impact of three types of government measures aimed at assisting businesses in coping with the financial fallout caused by COVID-19: (i) deferral of taxes; (ii) financial support for debt payment; and (iii) temporary support for wage payments. Startups are being hit hard by the COVID-19 pandemic and the lockdown. Brug af hver en tilgængelig euro til at beskytte liv og levebrød på enhver tænkelig måde), (Bewältigung der Coronavirus-Krise. In Spring, Member States receive recommendations from the Commission for two different timeframes: short-term to mitigate the coronavirus pandemic's severe negative socio-economic consequences; and in the short to medium-term to achieve sustainable and inclusive growth, which facilitates the green transition and the digital transformation. Economic growth averaged 2.3 percent per from mid-2009 through 2019. [3] The surveys were implemented with the support of the Regional Division of Asia and the Pacific and UNIDO field offices in the respective countries and were carried out in cooperation with the following partners: Afghanistan: Chamber of Commerce and Industries for Women; Chamber of Industries and Mines; Ministry of Industry and Commerce; Cambodia: Ministry of Economy and Finance, Ministry of Industry, Science, Technology and Innovation, The Cambodia Investment Board of the Council for the Development of Cambodia, Garments Manufacturers Association in Cambodia, European Chamber of Commerce in Cambodia, Cambodia’s Rice Federation, Young Entrepreneurs Association of Cambodia, Cambodia Women Entrepreneurs Association, UN Resident Coordinator’s Office, UN Economic Impact Group; Malaysia: Ministry of International Trade and Industry, United Nations Global Compact Malaysia Chapter and Federation of Malaysian Manufacturers; Mongolia: Ministry of Food, Agriculture and Light Industry; Mongolian Association of Leather Industry; Mongolian Wool Textile Association; National Association of Mongolian Agriculture Cooperatives; Mongolian Meat Association; Mongolian Food Industry Association; Pakistan: Ministry of Industries and Production; Small and Medium Enterprise Development Authority (SMEDA); PRGMEA; PFMA; PAPAAM; SIMAP; STAGL; Thailand: Ministry of Industry, Industrial Estate Authority of Thailand and Federation of Thai Industries; Viet Nam: Vietnam Industry Agency, Ministry of Industry and Trade and Agricultural Product Processing and Development Department, Ministry of Agriculture and Rural Development. 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