"The global economy may be facing its biggest test since World War II"//
On the 23rd local time, Georgieva, the managing director of the International Monetary Fund, published an article on the official website of the International Monetary Fund warning that under the continuous threat of the new crown pneumonia epidemic, the Russian-Ukrainian conflict, the intensification of financial market volatility and climate change, the global economy may be facing the biggest test since World War II.
Since the outbreak of the Russian-Ukrainian conflict, about 30 countries have taken restrictive measures on trade in food, energy and other key commodities. This would increase trade barriers, disrupt global supply chains, drag down economic growth, and undo the gains of the past years. If countries are allowed to develop, the costs will be enormous and everyone will be affected.
The global economy is facing a series of catastrophes, and we need to choose: either succumb to the current global geo-economic divide and slide the world to the brink of poverty and danger, or change the way we cooperate. The article calls for countries to cooperate in strengthening trade exchanges, helping developing countries cope with debt problems, and addressing climate change.
How serious is the food crisis? One in seven adults in the developed uk also has to go hungry //
The food crisis is spreading rapidly across the globe, and even developed countries like the United Kingdom cannot escape it. The data shows that two-fifths of British adults buy less food while shopping, and one in seven British adults go hungry every day.
As the COVID-19 pandemic subsides, soaring energy and food prices have plunged millions of Britons into deeper economic hardship, and for many struggling families, the elderly and the homeless, the food bank, a local charity that helps the poor and distributes food, has become their lifeline.
Recent data released by the Office for National Statistics showed that the UK's Consumer Price Index (CPI) rose 9% year-on-year in April, the highest in 40 years. Official figures show that two-fifths of UK adults are buying less food while shopping, up from twice as many as in early 2022.
Grant Fitzner, chief economist at the Office for National Statistics, said the sharp rise in inflation in April was largely due to a sharp increase in energy price caps in the UK and a sharp rise in electricity and gas prices. At the same time, rising food prices and increased transport costs have also raised the cost of living for Britons, exacerbating the plight of low- and middle-income families.
In the face of soaring inflation, food companies have had to pass on higher costs to consumers, while consumers have less and less money in their pockets because wages have not kept pace with rising prices, and those with low incomes and those who depend on state welfare have been hit the hardest.
The situation will worsen
This is expected to worsen in the coming months. The Bank of England predicts that inflation could reach 10% by this fall. Bank of England Governor Andrew Bailey warned that a spike in energy prices would have a serious shock, while food prices would see an "apocalyptic" rise.
Pele said: "There is a lot of uncertainty, which is an extremely significant concern, and it is not only for the UK, but also for developing countries. So I have to say, I'm sorry to hear this sound like the end of the world, but that's a major issue. ”
The International Monetary Fund (IMF) mentioned in a recent report that the UK is expected to be the slowest growing economy in the Group of Seven (G7) in 2023 as the Russian-Ukrainian conflict has hampered the global economy's recovery from the pandemic.
Rachel Ledwitz, director of the charity Felix Project, said: "We need more food as more and more UK families are turning to us for help, many of whom are not even able to break even. ”
An economic crisis becomes a health crisis
The charity Food Foundation recently said that a latest survey shows that about one in seven adults is starting to eat less, reduce the amount of meals or simply choose to go hungry.
The Food Foundation also said that people are increasingly choosing to buy more cold food from food banks due to concerns that cooking items will increase energy costs.
Anne Taylor, executive director of the Food Foundation, said the situation was "rapidly shifting from an economic crisis to a health crisis" and that the food bank "may not be able to solve" the problem. "The government needs to realize that many families are sinking and need to be helped quickly. Emergency food parcels for rescue will not work. ”
The Conservative government led by British Prime Minister Boris Johnson has been heavily criticized for not doing enough. Although the cost-of-living crisis has dominated recent political debates and recent local elections, the government has not proposed any new support measures in its annual legislative agenda.
British Security Secretary Rachel McLean said that in order to cope with rising prices, people can choose to work more and must ensure that people can take better care of themselves, whether it is a few more jobs or high-paying jobs. But she also acknowledges that this is difficult for many people who already have multiple jobs, so the government will also provide further support measures for low-income groups.
Rapid spread of the HFMD outbreak in Malaysia The cumulative number of confirmed cases in the year has exceeded 47,000 //
According to the latest data released by the Malaysian Ministry of Health, as of May 21, a total of 47,209 confirmed cases of hand-foot-and-mouth disease (HFMD) have been reported across Malaysia this year, a 20-fold increase year-on-year.
Malaysian Health Director Noshishan issued a statement on Tuesday local time, saying that the number of cases reported nationwide in the 20th epidemiological week this year was 20 times higher than the 2237 cases in the same period last year, and also increased by 106.6% from the 7526 cases in the previous week, and the number of cases reported nationwide in the 20th week was 15548.
Nosy Hill noted: "In the face of the surge in new infections, vaccination is also actively promoted. But the recent event coincided with Eid al-Fitr, a major religious holiday, and the surge in cases was expected. ”
According to Medical Surveillance in Malaysia, the three main viruses that caused the spread of HFMD this year are Coxsackievirus A16, Coxsackievirus A6 and Enterovirus 71 (EV 71), Noxsan said.
Currently, there have been two positive cases of hand-foot-and-mouth disease carrying enterovirus type 71 who have been admitted to intensive care units due to complications of encephalitis, both of whom are children under the age of 6.
As of May 21 this year, Selangor has the highest number of cases detected in Any Malaysian state, with 13,640 cases, accounting for 28.9% of all cases this year, the data shows.
In other respects, the cumulative number of confirmed cases of hand-foot-and-mouth disease in Kuala Lumpur and the neighboring city of Putrajaya this year was 6197, an increase of 1400% over the same period in 2021.
Noesha, health director for Kuala Lumpur and Putrajaya, said the outbreak of hand-foot-and-mouth disease in the two cities had begun to erupt in mid-March and had spread rapidly.
Noesha said the outbreak of HFMD spread rapidly, especially among children. She suggested that checkpoints should be set up at the entrance of nurseries or kindergartens to ensure the safety of children.
U.S. stock close: Serab plunges 43% to drag technology stocks into the water, and the Chinese Golden Dragon index falls more than 6%//
Against the backdrop of a severely weaker-than-expected U.S. real estate data in April and performance warnings from social media Serabu, U.S. stocks came out of a divergent market on Tuesday, with the NASDAQ, which represents technology stocks, plunging 2 percent, but the Dow closed with a complete repair for intraday losses.
(Minute chart of the three major stock indexes, source: TradingView)
Ellen Hazen, chief market strategist at FL Putnam, said that since about last month, the market's focus has shifted from inflation concerns to economic growth concerns.
Interestingly, well-known investor Bill Ackman also publicly shelled the Fed on Tuesday, calling on the agency to raise interest rates at a faster rate, otherwise the only way to substantially reduce inflation is to rely on the stock market crash to catalyze the economic collapse and undermine demand.
Market dynamics
As of the close, the S&P 500 was down 0.81 percent at 3,941.48 points; the Nasdaq was down 2.35 percent at 11,264.45 points; and the Dow Jones was up 0.15 percent at 31,928.62.
U.S. tech stocks collectively weakened, with Apple down 1.92 percent, Tesla down 6.93 percent, Amazon down 3.21 percent, Google A down 4.95 percent, Netflix down 3.79 percent, and Microsoft down 0.40 percent; growth concerns also had an impact on the concept of economic reopening, with American Airlines down 7.46 percent, United Airlines down 7.13 percent, Royal Caribbean Cruises down 10.20 percent, Norwegian Cruises down 11.99 percent, and Boeing down 3.76 percent.
Chinese stocks also generally weakened, with the NASDAQ China Golden Dragon Index closing down 6.59% on Tuesday, the leading Ali falling 5.46%, Tencent ADR down 3.67%, and jd.com, Pinduoduo, Bilibili and other star stocks all fell by more than 7%.
This article originated from the Financial Associated Press