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IMF upgrades economic forecast but warns of long-term coronavirus damage

IMF upgrades economic forecast but warns of long-term coronavirus damage

The global economy may take a smaller hit from the coronavirus recession in 2020 than was once expected but faces significant long-term challenges that will likely widen inequality, the International Monetary Fund (IMF) said Tuesday.

In a set of new projections, the IMF slightly upgraded its outlook on the 2020 economic decline while warning that a lack of further fiscal and monetary support could cause deeper damage to the global economy.

The IMF now expects global growth in 2020 to fall to -4.4 percent, 0.5 percentage points better than its June projection of -4.9 percent. The international lender expects growth to rebound to 5.2 percent in 2021, down 0.2 percentage points from a June a projection of 5.4 percent.

“As a result of eased lockdowns and the rapid deployment of policy support at an unprecedented scale by central banks and governments around the world, the global economy is coming back from the depths of its collapse in the first half of this year,” wrote IMF chief economist Gita Gopinath in a Tuesday article

“This crisis is however far from over,” she continued. “The ascent out of this calamity is likely to be long, uneven, and highly uncertain.”

The global economy has gradually rebounded from the onset of the coronavirus pandemic earlier this year, which caused the steepest economic decline since the Great Depression.

Employment and global economic activity has begun to recover as countries adapt to life amid COVID-19, which has claimed more than 1 million lives globally and more than 215,000 in the U.S.

Gopinath wrote that “signs of a stronger recovery” in the third quarter warranted the IMF’s slight upgrade to its forecast. But she warned that the total economic blow of the pandemic would linger for years and restrain the recovery for long after 2020.

“This

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Fuel Retailers Need Creative Solutions to Offset Costs of EMV Compatibility Upgrades, Says TNS – Press Release

Fuel Retailers Need Creative Solutions to Offset Costs of EMV Compatibility Upgrades, Says TNS – Press Release

RESTON, Va.–(Business Wire)–As fuel retailers implement and complete projects to upgrade automated fuel dispenser (AFD) equipment at the forecourt to avoid the liability shift, the initial costs have proven to be a challenge for many. Yet it is critical to make these upgrades sooner rather than later to reduce fraud costs — leading Transaction Network Services (TNS) to introduce flexible pricing structures with the goal of helping retailers offset their upfront and ongoing costs.

The longer retailers wait to upgrade, the more it will likely cost. Conexxus, a non-profit trade industry technology organization, found that installation costs (e.g., labor) tend to increase due to high demand leading up to an industry-wide change. On average, installation costs rise 14% six months before the deadline, 23% three months before the deadline, and 33% at the deadline, and remain around 31% higher following the deadline.

Yet budgets have become especially tight this year due to the pandemic, leading many retailers to hesitate on starting their projects. TNS is responding to this challenging reality by creating pricing strategies aimed at relieving near-term spend for early movers and offering retailers the benefit of a tailored combination of services.

“TNS understands that retailers are constrained by tightening budgets amid a lower demand for fuel and reduced foot traffic as a result of the pandemic, and our pricing strategies are intended to give operators who work with us a reduction in the pain associated with near-term spend given this current climate,” said Dan Lyman, TNS’ Head of Payments Markets, North America. “We want to help them get the most value out of their upgrades by avoiding liability and fraud and implementing the fast, secure payments infrastructure that is extensible to create new revenue opportunities, enhance and personalize customer engagement, and improve the overall customer experience.”

TNS is

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