StanChart’s Jose Vinals predicts economic recovery led by Asia in late 2020; says most economies to suffer negative growth rates

StanChart's annual investor meeting was closed to shareholders in line with government restrictions to control the spread of the new coronavirus.

Reuters May 06, 2020 19:23:51 IST
StanChart’s Jose Vinals predicts economic recovery led by Asia in late 2020; says most economies to suffer negative growth rates

London: Standard Chartered Chairman Jose Vinals said on Wednesday his Asia-focused bank was well placed to benefit from a late 2020 economic rally, despite the “extraordinary” impact of the COVID-19 pandemic on the global economy.

StanCharts Jose Vinals predicts economic recovery led by Asia in late 2020 says most economies to suffer negative growth rates

Representational image. Reuters

“There is no doubt that the world will be coping with the threat of COVID-19 for some time. We expect most economies to suffer significant negative growth rates this year before the global economy moves gradually out of recession, starting in the latter part of 2020,” Vinals said via a video message to investors posted on the bank’s website.

“This recovery will most likely be led and then driven by markets in Asia, where we generated 80 percent of our profits in 2019.”

The bank’s annual investor meeting was closed to shareholders in line with government restrictions to control the spread of the new coronavirus . Results of proxy voting in the AGM will be published to investors later on Wednesday.

The Spanish economist, who has served as chairman of the bank since December 2016, also said the board had “acted decisively” to cut pension perks for executives after a sizeable investor rebellion last year.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

COVID-19 news updates: India registers 18,000 cases for 2nd straight day; 2.09 cr doses administered till 7 am today, says health ministry
India

COVID-19 news updates: India registers 18,000 cases for 2nd straight day; 2.09 cr doses administered till 7 am today, says health ministry

Maharashtra continues to report the highest daily new cases at 10,187. It is followed by Kerala with 2,791 while Punjab reported 1,159 new cases

BMC makes seven-day institutional quarantine mandatory for travellers arriving from Brazil
India

BMC makes seven-day institutional quarantine mandatory for travellers arriving from Brazil

Institutional quarantine for seven days and another seven days of home quarantine is already mandatory for persons arriving from the UK, Europe, South Africa and West Asia

India's slow COVID-19 vaccination rate puts gains at peril; private sector involvement must to expand coverage
India

India's slow COVID-19 vaccination rate puts gains at peril; private sector involvement must to expand coverage

It is important to reiterate that the argument of 'natural herd immunity' remains largely a thereotical one, and cannot be relied on to mitigate the disease, especially with millions of vaccine doses ready