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readingcomprehensionAEconomicexpertssaythebigdropinfactoryproductionthreatensgrowthinsomeoftheworld'smost
resilient
markets.SoutheastAsiahassurvivedseveralmajoreconomiccrisesinthepast,partlybecauseitsnationshaveenactedeconomicreformsandtheareaisclosetoChina.Butthecontinuingcoronaviruspandemic–-drivenbyarecentriseininfectionsoftheDeltavariant–-iscreatingnewproblems.EconomistswithBritish-basedbankinggroupHSBCtoldReutersnewsagencythatlowvaccinationratesinseveralcountriesarethreateningtheseeconomies.TheypointedtolowvaccinationratesinVietnam,thePhilippinesandThailand."Populationsinthesecountriescouldremain
vulnerable
notonlytothecurrentoutbreak,butanyfuture
mutations
thatmaydevelop,"HSBCsaidinastatement.Virus-relatedrestrictionsarelikelytocontinue,thebanksaid,leavingmanyfactorieswithoutworkers.ThailandisAsia'sfourth-largestautoexporterandaproductionbaseformajorworldcarbrands.ButToyotasuspendedproductioninJulyatthreeofitsfactoriesinthecountrybecauseofpartsshortagescausedbythepandemic.SiamAgro-FoodIndustry,aThaiprocessedfruitexporter,dependsheavilyonmigrantlabor.Butithasonlybeenabletofill400of550positionsasworkersreturntotheirhomecountriesandarenotabletocomebacktoworkbecauseofclosedborders.Thecompany'spresident,GhanyapadTantipipatpong,spoketoReutersnewsagency.Shesaid:"Thereare350tonnesoffruitperday,butnowwecantakeonly250tonnesbecauseofnotenoughworkerstoprocess."InVietnam,severalbiginternationalcompaniesincludingSamsung,FoxconnandNike,haveproductionoperationsinthecountry.Inthesouth,pandemicrestrictionshaveforcedsomebusinessestokeepworkers
isolated
attheirproductioncentersatnight.Vietnam'sgovernmentsaidlastweekthatindustrialproductionfellsharplyinseveralsoutherncitiesfacingrestrictionssinceJuly.SoutheastAsiahassurvivedseveralmajorinthepast,partlybecauseitsnationshaveenactedeconomicreformsandtheareaisclosetoChina.ButToyotasuspendedproductioninJulyatinthecountrybecauseofpartsshortagescausedbythepandemic.InVietnam,severalbiginternationalcompaniesincludingSamsung,FoxconnandNike,haveproductionoperationsinthecountry.economiccrises2.threeofitsfactories3.severalsoutherncitiesBSome130countrieshaveagreedonaworldwide
minimum
tax,anideabackedbyPresidentJoeBiden.Theminimumtaxispartofaninternationalefforttokeepmultinationalcompaniesfromavoidingtaxesbymovingtheirprofitstocountrieswithlowrates.TheagreementwasannouncedlastThursday.Itisanattempttomeetthedifficultiesoftheinterconnectedandincreasinglyonlineworldeconomy.Thedealcallsforaworldminimumtaxofatleast15percent.ThisisimportantforBidenasheseekstoraisemoremoneyforhisAmericanJobsPlan.Technicaldetailsstillneedtobeworkedout.Itwouldbeatleast2023beforetheagreementtakeseffect.TheagreementwasannouncedbytheParis-basedOrganizationforEconomicCooperationandDevelopment.Theagreementincludestaxingpartoftheprofitsofthelargestinternationalcompaniesincountrieswheretheydobusinessonline,butmayhavenophysicalpresence.FrenchFinanceMinisterBrunoLeMairecalledit"themostimportantinternationaltaxagreementinacentury."Inone-on-oneagreements,countriesledbyFrancehavealreadystartedenforcingonlinetaxesaimedatU.S.technologycompanieslikeAmazon,GoogleandFacebook.TheU.S.considersthisunfairtradepractice.Underthenewdeal,othernationswouldagreetowithdrawthosetaxesinfavoroftheinternationalminimumtax.FormerU.S.PresidentDonaldTrumpplacedtaxesonFrenchgoodsaftertheFrenchsaidtheywouldtaxAmericantechnologycompanies.FrancehaswelcomedtheBidenadministration'spushtoreachaninternationaldeal."Online
giants
mustpaytheirfairshareoftaxeswheretheyhaveactivities,"Bidensaid."Thereisnoreasonasmallor
medium
businessshouldpaymoretaxesthananonlinegiantsimplybecauseitisphysicallypresentinthecountrywhereitcarriesoutitsactivities."Itisantomeetthedifficultiesoftheinterconnectedandincreasinglyonlineworldeconomy.Theagreementincludestaxingpartoftheprofitsofthelargestinternationalcompaniesincountrieswhere,butmayhavenophysicalpresence.FrancehaswelcomedtheBidenadministration'spushtoreachdeal."attempt2.theydobusinessonline3.aninternationalCNotallofthe139countriesthatjoinedthetalkssignedontothedeal.Ireland'sFinanceMinisterPaschalDonohoesaidithadoverallsupportfortheagreement,butcouldnotagreetothe15percentminimum.Hesaidthecountry's12.5percentrateisa"fairrate."Irelandsaiditwouldcontinuewithdiscussionsgoingforward.SignersincludeBermudaandTheCaymanIslands,two
taxhavens,andmajoreconomicpowersChinaandIndia.Morediscussionisexpectedbytheworld'slargest20economies,knownastheG-20.FinanceministersoftheG-20meetnextweekinVenice.Taxexpertssaythatthevoluntarymethodcouldworkifitwaspassedbycountriesthathavemanymultinationalcompanies'headquarters,suchastheU.S.andEurope.Itwouldsen
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