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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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Tuesday, 29 November 22
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Thursday, 24 November 22
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- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- PTC India Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
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