Last but not least, ASEAN leaders need to offer a co-ordinated and synchronised fiscal stimulation plan, substantially bigger than what the 10 countries have already announced in an uncoordinated way, making them less impactful. Stimulus measures can be an opportunity to invest in economic transformation and technological innovations that are necessary to deliver sustainable development. Both the short term and long-term stimulus measures should aim at achieving the multiple purposes of delivering economic prosperity, widening wellbeing, enhancing resilience, strengthening circular economy, and decarbonising growth. … [Read more...] about From containment to recovery: rescuing the ASEAN from crisis
Houston hard drive recovery
The wild discounting of accommodations is a trend we’re seeing particularly with Hoi An homestays and budget accommodations. This is helping local businesses bring in basic income. When it comes to 4- and 5-star resorts and hotels, the trend of discounting is also a good way to attract domestic travelers, though this could lead to a reduction in service quality as businesses work to keep costs under control. … [Read more...] about How should Vietnam prepare for post-pandemic tourism recovery?
A worker wearing protective clothing digs a grave for a coronavirus victim at the Caju cemetery in Rio de Janeiro, Brazil on May 28, 2020. (Photo: AFP/Carl de Souza) The epicenter of the South American coronavirus outbreak, Brazil saw 1,124 deaths in 24 hours, the Ministry of Health said. … [Read more...] about Brazil COVID-19 death toll hits 27,878, surpassing hard-hit Spain
The adjustment of socio-economic targets is a big and unprecedented issue, because the targets set in the NA’s Resolution are concretised from the Resolution of the Party Central Committee. On the basis of the Government’s proposal, the decision on the adjustment of growth targets will be made by the competent levels, with the current political and legal bases taken into account. According to economic experts, the adjustment of GDP growth target and relevant macro targets in accordance with the new developments in the domestic and international socio-economic situations will create favourable conditions for the Government in its management work, towards realising the dual goal of successfully combating the pandemic and reviving the economy after the disease. … [Read more...] about BUSINESS NEWS HEADLINES MAY 30
Hanoi (VNA) - The Philippine government is eyeing a stimulus package worth 846 billion pesos (16.7 billion USD) to enable a full economic recovery from the COVID-19 pandemic, according to Finance Secretary Carlos Dominguez. The stimulus package, which is waiting for Congress' approval, would include a cut in corporate income tax and modernisation of the country's fiscal incentive systems, Dominguez said. Local businesses have urged lawmakers to pass these reforms early so that small, medium and large companies can resume their operation and recover from the public health crisis. The Philippine tax authority said the country's total tax revenue in the first four months of 2020 dropped sharply to 527.41 billion pesos (22.6 million USD), or 25.4 percent below last year's collection over the same period. Despite the decreased revenue, Dominguez said the Philippines remains "financially able" to meet the unexpected challenges of the pandemic. The country also has practiced fiscal … [Read more...] about Philippines considers 16.7-billion-USD stimulus package