'Pandemic to cause fiscal distress, social discontent'

By Aysu Bicer

ANKARA (AA) – The prolonged global recession, soaring unemployment, another disease outbreak, and protectionism top the list of near-term worries for companies, according to a World Economic Forum (WEF) report released on Tuesday.

According to the COVID-19 Risks Outlook report, economic distress and social discontent will rise over the next 18 months unless world leaders, businesses, and policy-makers work together to manage the fallout of the pandemic.

The findings come from 350 senior risk professionals who were asked to look at the next 18 months and rank their biggest concerns in terms of likelihood and impact for the world and for businesses.

The immediate economic fallout from the COVID-19 pandemic dominates companies’ risk perceptions, ranging from a prolonged recession to the weakening fiscal position of major economies, tighter restrictions on the cross-border movement of goods and people, and the collapse of a major emerging market, the report states.

– Recession top concern

The report urged leaders to initiate action against potential future systemic shocks such as the climate crisis, geopolitical turbulence, and rising inequality.

“Two-thirds of respondents identified a prolonged global recession as a top concern for business,” the report said.

One-half identified bankruptcies and industry consolidation, failure of industries to recover and a disruption of supply chains as crucial worries, it added.

Geopolitical disruptions and tighter restrictions on the movement of people and goods were also high on the list of worries.

– Another lost generation

“The pandemic will have long-lasting effects, as high unemployment affects consumer confidence, inequality and well-being, and challenges the efficacy of social protection systems,” said Peter Giger, chief risk officer at Zurich Insurance Group.

He said that COVID-19 has shown the need to focus on existential risks, with climate change being one of them.

“As we reboot our economies, changes in working practices and in attitudes towards traveling, commuting and consumption all point to new ways to achieve a lower-carbon and more sustainable future,” he said.

Giger said over 1.6 billion students have missed out on schooling during the pandemic and warned the world faced the risk of another lost generation.

He said decisions taken now by world leaders and policy-makers will determine how these “risks or opportunities play out.”

View More

By Handan Kazanci

ANKARA (AA) - Anadolu Agency is here with a rundown of the latest developments on the coronavirus pandemic and other news in Turkey and around the world.

- Coronavirus in Turkey

Turkey on Thursday confirmed 926 additional recoveries as the country began easing measures against the novel coronavirus, according to the country’s health minister.

The total number of recoveries from the disease hit 131,778 as 926 more patients were discharged from hospitals over the past day, Fahrettin Koca said on Twitter, citing Health Ministry data.

The country's death toll from the outbreak rose to 4,630 as Turkey reported 21 new fatalities over the last 24 hours.

Turkey conducted over 54,000 COVID-19 tests in the past 24 hours, bringing the total tally to more than 2.2 million, said Koca.

Meanwhile, Turkey plans to resume international flights to 40 countries gradually as of June 10, Transport and Infrastructure Minister Adil Karaismailoglu said Thursday.

International flights from Turkey will carry passengers first to the Turkish Republic of Northern Cyprus, Bahrain, Bulgaria, Qatar and Greece, Karaismailoglu said in a statement.

Turkey suspended all international flights on March 28 amid COVID-19-related travel restrictions worldwide.

- Global coronavirus developments

A low death toll was once again recorded Thursday as France recovers from the coronavirus pandemic which plagued the country over the last three months, according to the latest statistics reported by the Health Ministry.

The country registered a total of 46 deaths in hospitals Thursday, a drop of 39 cases over those reported Wednesday.

Italy on Thursday reported 88 more fatalities from the pandemic, bringing the death toll to 33,689 as authorities unveiled new guidelines to prevent crowded summer spots like beach resorts from becoming new virus hotbeds.

The slowing trend in the number of deaths registered in May continued in early June, confirming that the peak of the crisis has been passed.

Face masks on English public transport will be mandatory from June 15, the British government announced Thursday, as a further 176 people died from the coronavirus over the past 24 hours.

British authorities announced that the UK-wide death toll from COVID-19 is now 39,904.

As Spain prepares for its state of emergency over COVID-19 to last until June 21, the Health Ministry reported Thursday that 195 more people were infected with the coronavirus and five more had died.

The number of infections diagnosed Wednesday was down slightly from the 219 people who tested positive Tuesday but up from Monday and Sunday. In total, 240,660 infections have been confirmed in the country.

Health officials in the Palestinian enclave of Gaza announced Thursday the arrival of medical supplies sent by Turkey to help fight the novel coronavirus outbreak.

In a statement, Health Ministry spokesman Ashraf al-Qudra confirmed that two polymerase chain reaction (PCR) machines had been delivered for detecting the virus.

- George Floyd Memorial service

Hundreds of mourners on Thursday attended the first of several memorials for George Floyd – an unarmed black man who was killed in police custody on May 25.

The service at North Central University in Minneapolis, Minnesota was attended by Floyd's family and Ben Crump, the civil rights attorney representing the family, as well as celebrity guests.

Meanwhile, New York Governor Andrew Cuomo on Thursday urged demonstrators joining protests over the death of George Floyd to get tested for the novel coronavirus.

Speaking at his daily press briefing, Cuomo said around 30,000 people have taken part in the statewide protests demanding justice for the killing of the unarmed black man in police custody.

Of them, 20,000 were involved in rallies in New York City.

In Europe, German Chancellor Angela Merkel has urged citizens not to overlook the racism problem in Germany while intensely discussing racism and police brutality in the US after the death of George Floyd.

"This murder of George Floyd is very, very terrible. Racism is something terrible,” Merkel said Thursday evening in an exclusive interview with public broadcaster ZDF.

“Racism has always been present, but sadly we also have this [problem]. We should first sweep in front of our own door,” she stressed.

- Other developments

Turkey and Libya plan to advance cooperation in the Eastern Mediterranean, including exploration and drilling activities, to further benefit from natural resources, Turkey’s president said in a meeting with Libya’s prime minister Thursday.

The meeting between Recep Tayyip Erdogan and Fayez al-Sarraj took place at the presidential palace in the Turkish capital Ankara.

Erdogan said Turkey and Libya have reached a consensus on expanding their cooperation areas on the territory of Libya.

Etiketler: