UK-headquartered global analysts Oxford Economics released an in-depth analysis of the global economic momentum. In response to the first signs of successful coronavirus containment, some governments begin to explore lifting lockdown restrictions. Still, the latest economic data confirm that the economic costs of shutdowns are and will be significant
Global Economic Trends . China’s GDP performed better than estimated, falling by 6.8% in Q1, but the pace of improvement in March was quite slow. In the US the monthly industrial output dropped 5.4% and retail sales plunged 8.7% in March, signals that the adverse effects of lockdowns may prove e...News
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Amid the Covid-19 pandemic, the Ports of Genoa, Savona and Vado Ligure remain operational, both at quayside and at school. In fact, the education and training programmes and courses, arranged throughout the year with local schools, continue online.
APM Terminals, which operates the Vado Gateway Container Terminal, has donated 10 modular multiparameter devices to the San Paolo Hospital in Savona to support patient monitoring during the Covid-19 public health emergency
SPI's Geoeconomics report claims that the international logistics chain will be severely affected by the effects of the economic crisis caused by the Covid-19 pandemic, estimated by IMF in a 3% global GDP contraction in 2020 and by WTO in a 32% collapse in world trade
The Western Ligurian Sea Port Authority has successfully passed the formal assessment to achieve UNI EN ISO 14001:2015 certification in environmental management systems. The audit was scheduled for 14 and 15 April with SGS Italia Spa, the certification company appointed to assess the Port Authority management systems.
The latest World Economic Outlook projects the global economy to contract by -3% in 2020, an outcome far worse than during the 2008–09 financial crisis, however in an optimistic scenario, it is forecasted to grow by 5.8% in 2021 when economic activities normalize helped by policy supports.
WTO claims even the most optimistic scenario for 2020 is that trade would shrink by 13%, a bigger drop than in the 2008-09 recession and it warns there is the risk of a much gloomier outcome under which trade would shrink by 32%, on a par with the reduction seen between 1929 and 1932, if protectionist measures should be imposed by developed countries.
The Coronavirus public health emergency has had widespread repercussions on maritime transport and on crew and passenger management on board.
According to Oxford Economics, signs are emerging that epidemic control measures are working, nevertheless global economic costs will be significant: China could see a double-digit fall in GDP in Q1 and any rebound in China in Q2 will be swamped by slumping activity in the US and Europe. Global GDP is expected to rebound sharply in Q2, although the contraction through all of 2020 may surpass the -1.1% drop recorded during the 2009 the global financial crisis