US mops up a third of global capital since Covid

Big bucks: People walk past a Samsung Electronics advertisement at a subway station in Seoul. The South Korean tech giant stands to gain US$6.4bil in grants to increase chip production in Texas as part of a broader initiative to invest a total of more than US$44bil. — AP

NEW YORK: In the face of calls around the world to diversify out of the dollar in recent years, the US has nabbed almost one-third of all the investment that flowed across borders since Covid struck.

An International Monetary Fund (IMF) analysis sent by request to Bloomberg News showed that the share of global flows has climbed – not fallen – since a shortage of dollars in 2020 spooked global investors and the 2022 freezing of Russian assets stoked questions about respect for free movement of capital.