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Virus Resurgence Sees World Central Bankers Stick to Gloomy Tone

Virus Resurgence Sees World Central Bankers Stick to Gloomy Tone

Global central bankers are under no illusion that they’re through the fallout from the coronavirus, issuing fresh warnings about new government restrictions, struggling recoveries and threats to jobs.

 

Monetary chiefs from the euro area, Japan and the UK were united in their concern about their economies in an online seminar hosted by the Group of 30. They all said risks to the outlook remain to the downside and signalled support is going to be needed for some time.

 

Bank of Japan Governor Haruhiko Kuroda even warned that his economy is at risk of a recession if things turn sour. Japan is likely to follow an improving trend. However, this outlook is highly uncertain, he said. If growth expectations drop and the financial system becomes unstable, the economy could fall into a full-fledged recession. While the situation across advanced economies is shaky, Europe’s outlook has been particularly dented by new curbs imposed to contain the spread of the virus.

 

European Central Bank President Christine Lagarde acknowledged that point head on, saying the measures could further hinder a recovery that’s already started to fade. The recovery in the euro area remains uncertain, uneven and incomplete, she told her colleagues. The new coronavirus-related restrictions currently being introduced across Europe will add to uncertainty for firms and households.

 

Source: Bloomberg

 

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