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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Baramulti Group, Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
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