The Economic Corner || Is G7 Tax Deal A Starting Point Of Revived International Cooperation?

Welcome to the Economic Corner – where we update you on all the biggest global economic announcements.  

• Lets look at the First news on the Economic Corner is an update from the G7 Finance Ministers & Central Bank Governors Communique. The Finance Ministers and Central Bank Governors of the G7, met virtually on 28 May 2021, and Finance Ministers met in London on 4-5 June 2021, joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup.

• G7 Central Banks will assess the financial stability risks posed by climate change. International climate finance is critical for supporting developing countries’ climate change adaptation and mitigation efforts. They reaffirmed the collective developed country goal to mobilise US$100 billion annually for developing countries from public and private sources.

• The IMF estimates that, between now and 2025, low income countries will need around US$200 billion to step up the response to the pandemic and build external buffers and an additional US$250 billion in investment spending to resume and accelerate their income convergence with advanced economies.

• Australian job advertisements climbed for a 12th straight month in May to reach their highest since 2008. The data announcement is suggesting that demand for labour could withstand both a coronavirus lockdown in Victoria and the removal of some government support programmes. Monday's figures from Australia and New Zealand Banking Group showed total job ads jumped 7.9% in May from April, when they rose 4.9%. 

• Lastly some updates from the pandemic recovery phase - The US said it will donate 750,000 Covid-19 vaccines to Taiwan. Th e US is extending its support for the country after Taipei accused Beijing of interfering in its efforts to secure jabs. On the other hand, India prepares to ease lockdown rules as coronavirus case numbers decline to the lowest in two months.

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