The EVFTA is forecast to boost Vietnam’s GDP by up to 15 per cent Photo: Le Toan The International Monetary Fund has announced its latest forecasts on the global economic outlook, stating that the heavy aftermath caused by COVID-19 is expected to drive many major economies to below-zero growth in 2020, including in the eurozone at -10.2 per cent. More than a week ago, EU leaders agreed on an unprecedented coronavirus stimulus package worth €750 billion ($877.84 billion) to pull their economies out of the worst economic recession. The European Commission, the executive arm of the EU, is tasked with tapping financial markets to raise the package, which includes €390 billion ($456.57 billion) to be allotted as grants, and €360 billion ($421.45 billion) in loans. The funds will be distributed among the countries and sectors most impacted by COVID-19. It will support EU economies to stimulate consumption and beef up production, as well as export and import of goods and services. “The EU is now one of Vietnam’s largest export and import markets,” said an expert from the European Union Delegation to Vietnam. “Thus, the newly-adopted package is expected to help drive the EU’s investment and trade relationship forward.” Last… Read full this story
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