NEWS ON 05/12

1. UN RAISES GLOBAL ECONOMIC GROWTH FORECAST TO 5.4%

联合国年中报告发布：中美领跑全球经济

2. EGYPTIAN PRESIDENT APPROVES PLAN TO EXPAND SUEZ’SSOUTHERN STRETCH

埃及：苏伊士运河拓宽计划获批 能否打破“搁浅”魔咒?

3. MORE THAN 1,000 GAS STATIONS RUN OUT OF FUEL INEASTERN US

油荒心也慌！美国输油管线被“黑” 民众恐慌购油 超1000家加油站库存告急

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1.UN RAISES GLOBAL ECONOMIC GROWTH FORECAST TO 5.4%

The United Nations released a mid-year update of itsWorld Economic Situation and Prospects 2021 report yesterday. It predictedglobal growth of 5.4%, but warned uncertainty remains due to the coronaviruspandemic. Zhang Hong tells us more.

The United Nations revised its global economicforecast upward from 4.7% to 5.4% growth this year as a result of rebounds inChina and the United States. It revised its forecast for China from 7.2% to8.2%.

INTERVIEW:

Hamid Rashid, UN Dept. of Economic and Social Affairs

拉希德 联合国经济和社会事务部全球经济监测中心主任

“The fact is that China is playing a very importantrole. The robust investment in China that happened during the last six months,and also the merchandise export, has increased significantly in terms ofelectronics and electrical equipment, digital equipment, all the parts and all theother manufacturing export from China which have been very robust. And it hasexceeded the pre-crisis level. That is also driving a good outlook for China.”

“事实是中国扮演了重要角色。过去6个月以来，中国的投资蓬勃增长，商品出口也大量增长，特别是电子类产品、数码设备，包括中国制造的出口。各个领域都非常稳健，超过了新冠肺炎疫情前的状况。这让世界提升了中国的经济增长预期。”

It predicted 6.2% growth for the United States, upfrom its previous forecast of 3.4%, but reduced its euro zone outlook from 5%growth to 4.2%. Lead author Rashid said the United Nations is still optimisticabout the global economy, but numerous uncertainties amid the pandemic cloudthe picture. According to the report, the pandemic has pushed about 114 millionpeople intro extreme poverty, adding the world’s most vulnerable countries arefacing the prospect of a lost decade. For many developing countries, economicoutput is only projected to return to pre-pandemic levels next year or 2023.

2.EGYPTIAN PRESIDENT APPROVES PLAN TO EXPAND SUEZ’SSOUTHERN STRETCH

Egyptian President Abdel-Fattah al-Sisi yesterdayapproved the Suez Canal Authority’s plan to expand and deepen the southern stretch of the waterway.

The project is expected to be completed within twoyears. The Canal Authority plans to widen the 30-kilometer stretch of thewaterway between the city of Suez and the Bitter Lakes by 40 meters. It willalso deepen the section from 20 to 22 meters. Officials said the grounding ofthe 440-meter Ever Given container ship for six days in March highlighted theneed for the canal’s expansion.

3.MORE THAN 1,000 GAS STATIONS RUN OUT OF FUEL INEASTERN US
The shutdown of Colonial Pipeline entered into its sixth day after being hit bya cyberattack last Friday, which has caused gasoline shortages at gas stationsalong the east coast of the United States.

By yesterday shortages primarily driven by panicbuying led to more than 1,000 gas stations running out of gasoline. The averageprice of unleaded gasoline almost reached 3 dollars per gallon, the highestsince November 2014. US Secretary of Energy warned gas station owners therewill be "no tolerance for price gauging," and urged the public not tohoard gasoline, insisting there is no need. A large part of the pipelineresumed operations manually late Monday, and Colonial will be able to restartmost of its operations by the end of the week.

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