Guardians of the world economy stagger from rescue to recovery

世界各国政府和央行正从救援模式转向复苏模式

The world’s governments and central banks are shifting from rescue to recovery mode as the deepest slump since the Great Depression shows signs of bottoming out.

随着这场自大萧条以来最严重的经济衰退显示出触底迹象，世界各国政府和央行正从救援模式转向复苏模式。

After rolling out trillions of dollars worth of measures to prevent their economies and markets from collapsing, they are now doubling down with even more spending to backstop a recovery as coronavirus lockdowns ease. In what counts for good news these days, Bloomberg Economics’ global GDP growth tracker showed economies contracted at an annualized rate of 2.3% in May, less than the 4.8% slump in April.

在推出数万亿美元的措施以防止经济和市场崩溃后，随着疫情缓解，世界各国政府和央行现在正加倍投入资金，以支撑经济复苏。彭博经济对全球GDP增长的追踪显示，5月份全球经济按年率计算收缩了2.3%，低于4月份4.8%的降幅，这算得上是个好消息。

“Policy makers are moving from triage to recovery,” said Deutsche Bank Securities Chief Economist Torsten Slok. “They are realizing that more fiscal support will be needed to households and small businesses to prevent this liquidity crisis from turning into a solvency crisis.”

德意志银行证券首席经济学家托尔斯滕·史洛克表示："决策者正转向促进经济复苏。他们意识到，将需要向家庭和小企业提供更多财政支持，以防止这种流动性危机演变为偿付能力危机。”

The new wave of stimulus has both governments and central banks moving in sync to continue flooding lenders, markets and companies with cheap credit at an unprecedented pace.

新一轮刺激计划促使各国政府和央行同步行动，继续以前所未有的速度向银行、市场和企业提供大量低息贷款。

The European Central Bank last week expanded its asset purchases by 600 billion euros ($677 billion) to 1.35 trillion euros, and extended them until at least the end of June 2021. And Germany’s government agreed another 130 billion-euro fiscal stimulus push and said it will back a proposed new 750 billion-euro European Union recovery fund.

欧洲央行上周将其资产购买计划扩大了6000亿欧元(约合6,70亿美元)，至1.35万亿欧元，并将购买计划至少延长至2021年6月底。德国政府同意再推出1300亿欧元的财政刺激计划，并表示将支持拟议中的7000亿欧元欧盟复苏基金。

“Action had to be taken,” ECB President Christine Lagarde said in a press conference.

欧洲央行行长拉加德在新闻发布会上表示：“必须采取行动。”

It’s a similar story in Asia.

亚洲的情况与此类似。

Japan is planning another $1.1 trillion worth of spending in its biggest splurge yet and the central bank in May called an emergency meeting to roll out 30 trillion yen ($274 billion) of loan support for small businesses.

日本计划再原有刺激计划基础上砸增加1.1万亿美元的支出，这是日本迄今最大手笔的刺激计划。日本央行5月召开紧急会议，推出30万亿日圆(合2740亿美元)的小企业贷款支持。

last week unveiled another 3.6 trillion yuan ($508 billion) in spending and South Korea’s 76 trillion won ($63 billion) ‘New Deal’ fiscal package is its largest to date.

上周又公布了人民币3.6万亿元(合5080亿美元)的财政刺激方案，韩国76万亿韩圆(合630亿美元)的“新政”财政刺激方案是迄今为止规模最大的。

In the U.S., lawmakers continue to debate extra fiscal stimulus and the Federal Reserve, which meets on June 10, has just launched a new Main Street Lending Program, the latest in trillions of support it has already poured into the economy and markets.

在美国，议员们继续讨论额外的财政刺激措施，美联储在6月10日召开会议，刚刚推出了一项新的“主街贷款计划”，这是向经济和市场注入了数万亿美元支持的最新举措。

While the Fed is unlikely to signal any moves when its officials gather this week, many economists expect it to harden its commitment to easy monetary policy later in the year and perhaps even start pursing a Japan-style campaign to control long-term borrowing rates.

尽管美联储官员本周开会时不太可能发出任何动作的信号，但许多经济学家预计，美联储将在今年晚些时候强化其对宽松货币政策的承诺，甚至可能开始采取日本式的行动来控制长期借款利率。

The latest U.S. jobs numbers give some hope that the stimulus unleashed so far is begng to kick in. A record 2.5 million workers were added by employers during May while unemployment declined to 13.3%, wrong footing economists who had forecast widespread job losses.

最新公布的美国就业数据给人们带来了一些希望，即迄今为止推出的经济刺激计划已开始发挥作用，5月份新增就业人数达到创纪录的250万，而失业率则降至13.3%，这使此前预测普遍失业的经济学家站不住脚。

To be sure, there’s far from consensus that the latest wave of support will be enough to get growth back to where it was at the start of the year.

可以肯定的是，对于最新一轮支持措施是否足以让经济增长到年初的水平，目前远未达成共识。

以下是印度时报读者的评论：译者：Jessica.Wu

Dhananjay Patil

Economic recovery in India will be largely attributed to people's resilience than support of govt or central bank policies.India will bounce back much faster than pundits have imagined

印度的经济复苏将主要归功于印度人的韧性，而不是政府或央行的政策支持。印度经济的反弹速度将比专家们想象的快得多。

Varun Mehta

and zero from our Modi Government...all he is worried about his image...

莫迪政府没有任何贡献…他只关心自己的形象…

Dilip J

The danger will continue if the virus does not die out soon

如果不尽快消灭病毒，风险将继续存在

Alliedlaw India

India is spending ZERO on this part. Very sad FM not competent

印度在刺激经济方面的支出为零，太悲哀了，财政部长无能。

Fekurao Panvatirao

After Global financial crises (GFC) when mots countries went into recession and recorded negative to below 2% growth our gold medal economist gave us 7.8% growth without making any noise.

在全球金融危机爆发后，大多数国家陷入了衰退，经济增长率低于2%，甚至是负数。而我们的经济学家算出印度经济增长率为7.8%。

Subhra Majumder

's greed to become the largest economy in the world by hook or by crook has resulted in this pandemic. It is now time for the world to ban and all products. Not a single item should be exported out of . Kill their economy.

想成为全球最大经济体。现在全世界是时候抵制、抵制产品了。不从进口，打击他们的经济。

Nationalist

India has given 20 lac crore to the poor and migrants and it was the highest around the world. We all Indians should be proud of modi ji and BJP

印度推出了20万亿卢布的刺激计划，金额是全世界最高的。所有印度人都应该为莫迪和人民党感到骄傲。

Ashish Kumar

never to put all eggs in one basket and that egg for world was , was the main supplier for all countries around the world and then threw the card of made virus who wanted to be world number one and now are the results for the world. now entire world is boycotting made goods

不要把所有鸡蛋放在一个篮子里。是所有国家的主要供应商，疫情期间大家都尝到后果了，现在全世界时候抵制货了。

Deviprasad Nayak

Lock down proved costly for backward country like India.

事实证明，对印度这样的落后国家来说，封城的代价太高了。

Manian Rss

looking at the kind of stimulus packages in real terms offered by the foreign governments, we seem to be far behind and too slow in action.

和其他国家的刺激方案相比，印度似乎远远落后了，而且行动太慢。

Satyam Singh

Bjp is best party in india and doing good job

人民党是印度最好的政党，干得不错

Vijay Naidu

The article says world governments and central banks are moving in sync to provide easy loans to lenders. But in India, whatever the central government passes on to banks, the banks still charges the same interest rates that exsted before Corona.

文章说，世界各国政府和央行正在同步行动，提供低息贷款。但在印度，无论中央政府提供了什么支持，银行收取的利率仍与疫情之前相同。

Pandey US

The economic recovery of India will be faster than any other country. wait and watch.

印度的经济复苏将比其他任何国家都快，等着瞧吧。

N Renganathan

India too must chart its path of recovery , though current measures may be just a begng . fiscal discipline alongwith austerity are must .

印度也必须规划其复苏之路，尽管目前的措施可能只是一个开始。财政紧缩是必须的。

King

We will get back soon

印度经济很快就能复苏

Shah Jagdish P

It is indeed an acid test for the world to revive economy within short time. It is big challenge before them to put economy on track. India under leadership of Modi, will come out from rescue to recovery mode.

短期内实现经济复苏，对世界经济无疑是一个严峻的考验。让经济走上正轨是摆在面前的巨大挑战。在莫迪的领导下，印度经济将会尽快复苏。

Doshi Jenisha

More and more money push is needed by all countries to bring back economy and GDP

所有国家都需要资金，推动经济复苏，推动GDP增长、

Anand Kumar

Its a going to be a long path filled with lot of pot holes,weeds etc,before the World Economy stages a noticeable comeback.

在世界经济明显复苏之前，将历经一条充满荆棘的漫长道路。