Regional & International Economy

Saudi Arabia boosted crude oil supply to record levels Wednesday, with state giant Aramco offering 18.8 million barrels on a single day despite a global supply glut as a price war rages with Russia.

Bangladesh has announced one of the lowest stimulus packages among South Asian and Asian peers in terms of gross domestic product (GDP) to counteract the impact of the coronavirus pandemic that is on course to bringing about an economic recession.

The country’s poultry industry might incur losses of Tk 1,150 crore from March 20 to April 4 as the prices of eggs, broiler and one-day old chicks witnessed a sharp decline due to the coronavirus outbreak in the country, sector people said.

The economic fallout from the coronavirus pandemic could drive an additional 11 million people into poverty in East Asia and the Pacific unless “urgent action” is taken, the World Bank warned in a report released Monday.

The Trump administration is prepared to lift sanctions on Venezuela in support of a new proposal to form a transitional government representing allies of both Nicolas Maduro and opposition leader Juan Guaido, US officials said.

The bank said precise growth forecasts were difficult, given the rapidly changing situation, but its baseline now called for growth in developing economies in the region to slow to 2.1% in 2020, and to -0.5% in a lower-case scenario, compared to estimated growth of 5.8% in 2019.

Pressure is building on Amazon and other delivery firms to improve protections for workers worried about getting infected with coronavirus.

Shares in Asia have continued a global stock market rally on hopes global authorities will do more to combat the impact of the coronavirus.

Oil prices slumped anew on Friday with Brent North Sea crude plumbing a 17-year low owing to massive oversupply as the coronavirus crisis paralyses global demand.

The rapid spread of the coronavirus since it was first reported in China has dealt an unprecedented shock to the global economy. Here’s a look at developments Tuesday as central banks, businesses and workers attempt to navigate a global outbreak that has brought economic activity to a standstill.