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Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
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The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
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Governments are leveraging bailouts to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience.
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The next wave of rescue measures should go further in implementing bold, forward-looking reforms.
Last year, the World Economic Forum’s annual Global Competitiveness Report assessed 141 governments’ future-readiness and found that most rated poorly on this and other crucial long-term indicators.
Yet now that the pandemic-induced lockdown is wreaking havoc on the global economy and exposing the inadequacies of many institutions, an era of bigger – and perhaps bolder – government has arrived.
Already, an estimated $9 trillion has been pumped into the global economy to support households, stem job losses and keep businesses afloat. Now that some countries are beginning to emerge from lockdowns, their leaders have a unique opportunity to reshape the economy to provide better, greener and more equitable outcomes for all.
The crisis offers an opportunity for what the World Economic Forum has deemed the “Great Reset,” starting not at some point in the distant future but right now. Building on the lessons learned during the 2008 financial crisis and its aftermath, many governments are attaching a range of meaningful conditions to bailouts and other rescue measures. The short-term assistance being provided today can and should be leveraged to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience against future shocks.
For example, owing to concerns about rising inequality and pressures on public budgets, France, Denmark and Poland have denied government support to companies with headquarters in tax havens outside of Europe. And the United Kingdom has banned dividend payments and restricted bonuses in companies accessing its loan scheme.
Governments are also attempting to safeguard jobs by providing incentives for companies to maintain employment levels. US companies accessing Coronavirus Aid, Relief and Economic Security Act funds must maintain at least 90% of their pre-pandemic employment levels until September 30. Japan has applied similar conditions in extending its employee-retention assistance to both small and medium-size enterprises and large corporations. And Russia has introduced wage subsidies for companies that retain at least 90% of their workforce. Meanwhile, Italy is implementing a temporary blanket ban on dismissals, not limited to companies accessing government funds. While it remains to be seen whether these temporary restrictions will be effective at maintaining employment after they are lifted, they are providing a cushion – and a “fighting chance” – to workers in the midst of this unprecedented crisis and ahead of a future recovery.
Even in deeply distressed sectors, rescue measures are being designed to emphasize social and environmental responsibility and encourage more long-term thinking. For example, now that the airline industry is facing a demand shock as a result of global travel restrictions, its pre-crisis business practices have come under scrutiny.
Over the past decade, the largest airlines in the United States spent 96% of their free cash flow on share buybacks, nearly double the rate of other S&P 500 companies. Now, cash-strapped airlines wishing to access governments funds must not only cease stock buybacks and dividend payments until the end of 2021; they must also agree not to use involuntary furloughs or reduce pay rates until September 30. Likewise, the French government has attached “green strings” to its €7 billion ($7.9 billion) bailout of Air France-KLM, requiring the airline to commit to halving its carbon dioxide emissions (per passenger and per kilometer), relative to their 2005 level, by 2030.
These instances of embedding long-term thinking into short-term measures are clearly steps in the right direction. But, given the sheer scale of fiscal support being provided and rising concerns about inequality, climate change, unemployment and public debt, the next wave of recovery measures should go even further.
Here, the European Commission’s Next Generation EU crisis fund should be taken as a model for others to follow. With €750 billion ($845 billion) in grants and loans, it promises to usher in a fair and inclusive recovery by accelerating the transition to a green digital economy. Its basic conditions would help European countries shift away from declining heavy industries while supporting vulnerable workers. But whether all EU member states will get on board remains to be seen.
The pandemic has thrust governments into a more proactive role than anyone would have imagined just a few months ago. As we move beyond the immediate health crisis, policymakers must seize the opportunity to implement bold, forward-looking reforms. That includes redesigning social contracts, providing adequate safety nets, cultivating the skills and jobs that the future economy will need, and improving the distribution of risk and return between the public, the state and the private sector.
But while governments must assume a leadership role, shaping the recovery and charting a new course for growth will require greater collaboration between businesses, public and government institutions and workers. For the Great Reset to succeed, all stakeholders must have a hand in it.
By now, it should be obvious that we cannot go back to a system that benefited the few at the expense of the many. Forced to manage short-term pressures and confront long-term uncertainties at the same time, leaders find themselves at a historic crossroads. Governments’ new clout gives them the means to start building fairer, more sustainable and more resilient economies.
Source:World Economic Forum
Written by
Saadia Zahidi, Managing Director, World Economic Forum
This article is published in collaboration with Project Syndicate. The views expressed in this article are those of the author alone and not the World Economic Forum.
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
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