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  • Public investment key to COVID-19 recovery: IMF

    first_imgPublic to privateAnd when governments start investing more, the IMF expects the private sector to follow.Assuming investments are of “high quality,” the IMF said increasing public investment by one percent of GDP could raise private investment by 10 percent, employment by 1.2 percent, and GDP by 2.7 percent, as well as shoring up overall confidence in the recovery.The IMF encouraged governments to take a second look at projects that had been delayed in the past and plan new ones focused on their needs after the pandemic is over, but also encouraged economies of all sizes not to neglect existing infrastructure.”We do have a lot of opportunities or valuable maintenance in investments, not just in poor countries. But also, in fact, even more in the advanced economies,” Mauro said.He pointed to France, where a quarter of drinkable water pipes are at the age where they should be replaced. And the average age of US bridges is 45 years, nearing the end of their typical 50-year lifespan, Mauro said.”There’s a lot of maintenance that would have needed to be done even aside from the pandemic. And maintenance investment is very labor intensive, it creates a lot of jobs and it can be activated very quickly,” he said.The fund cautioned poorer countries to be careful with public investment, as they do not have as broad an access to finances as wealthier nations.The coronavirus pandemic has caused an economic slowdown the IMF has dubbed the “Great Lockdown,” forecasting earlier this year global GDP would shrink 4.9 percent. However, last month a fund spokesman said the outlook may be less dire than initially believed. The IMF’s updated forecast is set for release next week.Topics : Public investment should play a “central role” in boosting the economies of emerging and advanced economies as they struggle to recover from the coronavirus downturn, the International Monetary Fund (IMF) said Monday.With interest rates at rock bottom around the world, the Washington-based crisis lender said now is the time for governments to take action to create jobs by reviving delayed infrastructure projects and tackling new ones, as well as by investing in maintenance.”We are in this unprecedented situation of very low cost of borrowing, crumbling infrastructure, even in the advanced economies,” said Paolo Mauro, head of the IMF’s fiscal affairs department. “Public investment can provide that support to economic activity and job creation that is needed.” Fund officials, especially IMF chief Kristalina Georgieva, since the start of the pandemic have been stressing the need to ramp up spending to buffer against the impact of the sharp global downturn, an unusual stance for the organization that has long preached fiscal responsibility and caution about debt levels.But even before the pandemic, public investment “had been weak for over a decade, despite crumbling roads and bridges in some advanced economies and massive infrastructure needs for transportation, clean water, sanitation” in poorer nations, the IMF said in a report released ahead of its annual meeting next week.With many countries still fighting off COVID-19 and many people who lost their jobs amid the pandemic looking for work, the IMF estimates that every US$1 million spent on traditional infrastructure creates two to eight jobs, while the same amount spent on research, development and green technology can create five to 14 new positions.Boosting public investment by just one percent of GDP could create between two and three million jobs in the European Union, and nearly two million jobs in the United States, Mauro said.last_img read more

  • It’s time for Clippers to become NBA Finals contenders

    first_imgFor the Clippers, all that’s left now is taking that next step.That has always been the tricky part, right?Pushing beyond the second round of the playoffs. Firmly establishing themselves as something more than just an entertaining regular-season team. A club that can hunker down in the playoffs and reach deep within to find the necessary answers to finally figure out the Oklahoma City Thunder and San Antonio Spurs, their top two Western Conference rivals.The NBA Finals have been open for business to the Clippers for a while now. The invitations were sent out the last two years, only the Clippers tossed them aside like so much junk mail. It’s time for the Clippers to throw away the crutches, stand up straight and stroll confidently to their rightful place among the elite teams in the league.Griffin and Paul are going into their fourth season together, a lifetime in NBA years. Doc Rivers, arguably the best coach in the NBA, is in his second season. The roster has continually been upgraded, and now stands as one of the deepest in the league. Jordan has emerged as the defensive and rebounding force we all envisioned.And the stench of Sterling has been eliminated forever, replaced by the energy and passion and financial commitment of Steve Ballmer, their innovative new owner.The Clippers no longer play in spite of ownership. They play appreciatively for the enthusiastic Ballmer.Bottom line, there are no longer any legitimate excuses condoning another early playoff exit.Yes, the West is loaded.But talent-wise, the Clippers stack up against everyone.Griffin finished third in the MVP voting last year, and there is reason to believe he is even better this year.Paul is one of the top three point guards in the NBA, Jordan is a Defensive Player of the Year candidate and Jamal Crawford is an explosive scorer off the bench.The Clippers are loaded.So no more excuses. No doubt, the Golden State Warriors have improved, if not in personnel, certainly in game management. If the preseason is any indication, the Warriors under new coach Steve Kerr are more fluid and versatile than they ever were under Mark Jackson.And they were downright explosive with Jackson.On paper, the Clippers are just as good if not better.And with Rivers in his second year, they have the advantage of a philosophical and working familiarity compared to the Warriors.Meanwhile, the Thunder are down Kevin Durant for the first part of the season. The Spurs are a year older — not that we haven’t beaten that drum the last few years.The Memphis Grizzlies have taken a step back, and while the Houston Rockets and Portland Trailblazers are both legitimate foes, the Clippers are better than both from top to bottom.Point is, the justifications are gone. No longer valid.And no longer will they be accepted.The time is right. The pieces are in place.What seemed ludicrous just a few years ago isn’t just possible, we should expect and demand it.The Western Conference Finals should be a given. The NBA Finals are a realistic destination. It’s time for the Clippers to abandon the life jackets and take the plunge.No more excuses.And this time we mean [email protected] @DailyNewsVinny on Twitter Until now, we were all enablers in their inability to finally emerge as a viable, serious Western Conference championship contender.The roster wasn’t properly set. Blake Griffin and Chris Paul needed time to meld as a powerful, reliant one-two punch. Vinny Del Negro wasn’t the right coach. The surrounding cast wasn’t good enough. The bench was thin. DeAndre Jordan needed time to develop.Valid or not, those were the ready-made excuses pardoning the Clippers’ persistent stalls in the first or second round.We’re all guilty of buying into those explanations.But those days are over.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more


    first_imgTHE people of Donegal are rallying around Owen Coyle as the Bolton manager comes to terms with the heart attack suffered by his player Fabrice Muamba during an FA Cup match on Saturday.Owen, whose parents are from Donegal, has cousins in Letterkenny and Gaoth Dobhair, and all of them are hoping the 23-year-old player will win his fight for life.Many have sent messages to the Bolton manager. Today Owen spoke to the media in London, telling them: “Fabrice’s family have asked me to pass on their thanks for the many, many kind messages of support from not only Bolton fans but also fans from clubs across the country and abroad.“All our thoughts and prayers are for Fabrice and his family at this time. The family would also like to thank the media for respecting their privacy at this time.”Coyle went on: “We’ve got to understand that Fabrice is critically ill. The next 24 hours are going to be absolutely crucial.“We’ve obviously been inundated with people wishing him well and we hope that if everybody can pray strongly that Fabrice is able to recover. “It’s very serious. There’s no getting away from that. God willing, he makes it through.”Footballers in games throughout the world supported the Bolton player today – including the stars of Real Madrid – by wearing t-shirts offering prayers.YOU CAN LEAVE A MESSAGE BELOW:© 2012 donegaldaily.com, all Rights ReservedThe copying, republication or redistribution of donegaldaily.com Content, including by framing or similar means, is expressly prohibited by law. Follow us on www.twitter.com/donegaldailyFollow us on www.facebook.com/donegaldailyOWEN COYLE CALLS FOR PRAYERS FOR MUAMBA – DONEGAL OFFERS SUPPORT was last modified: March 19th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more