In terms of GNC, as this is shaped by the location decision of APS firms, it is the actors in these firms who will make strategic decisions about expanding or contracting their office networks. In past crises, there has, if anything, been a tendency for cities at the core of the global economy (those higher up in the GNC-ranking) to recover quicker/be more resilient than those that are situated more at the periphery. “Post-COVID,” explains Michael Hoyler, Reader in Human Geography at Loughborough University and who has been involved in the project since its launch in 2000, “there may be winners and losers, and these may well be unequally distributed globally. While countries may struggle or contain at the national and macroeconomic level, cities, according to The World According to GaWC 2020 findings, may have a better chance in leveraging their location and geopolitical assets and potential to lead from the front using their connectivity to the global economy to steer towards a faster and more sustained recovery. The rating agency expects Malaysia “to make progress on fiscal consolidation throughout 2021-2022, as oil prices rebound, and an economic recovery facilitates the roll-off of temporary stimulus measures implemented to cushion the pandemic’s effects.” However, the majority of rated sovereigns in the Asia Pacific (APAC), stressed Fitch, “will see a sustained increase in general government (GG) debt as a share of GDP in 2020-2022, reflecting the lingering fiscal impact of the coronavirus pandemic and the efforts to counter it”. Economic growth will turn positive for Asia in 2H20, but the process of fiscal consolidation is set to be more protracted for the region,” added Fitch. “But with the coronavirus yet to be contained, the pace of the global recovery will slow from 4Q20. Fitch has revised up its 2020 GDP forecasts for China and the US, partly offset by deeper expected declines in the eurozone, the UK and India. It now forecasts the annual decline in world GDP in 2020 at -4.4 per cent compared with -4.6 per cent in June. Fitch Ratings, in its September 2020 Global Economic Outlook Forecast, stressed that the initial phase of economic recovery from coronavirus-related lockdowns has been faster than expected.
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