Page 19 - Latest Updates on Recession
Five million more Americans seek unemployment benefits amid Covid-19 crisis
The Labor Department said 5.2 million new unemployment claims were filed last week, down from a slightly revised 6.6 million the week before
 "Five million more Americans seek unemployment benefits amid Covid-19 crisis")
Germany plunges into recession; virus-induced slump may last until mid-year
To cushion some of the blow, Berlin has passed a rescue package totalling 1.1 trillion euros
 "Germany plunges into recession; virus-induced slump may last until mid-year")
Coronavirus outbreak: A 21-day lockdown may have cost India Rs 8 trillion
The sectors that have been most impacted are transport, hospitality, and real estate
 "Coronavirus outbreak: A 21-day lockdown may have cost India Rs 8 trillion")
The wrong diagnosis
Calls for fiscal stimulus and monetary overreach will not help deal with the pandemic's economic consequences
 "The wrong diagnosis")
Covid-19: Poor countries staring at a debt crisis, says UN report
Many workers in the gig economy, dominated by service sector start-ups, are poorly protected against income losses in a recession
 "Covid-19: Poor countries staring at a debt crisis, says UN report")
Covid-19 economic fallout may push half billion people into poverty: Report
The devastating economic fallout of the pandemic is being felt across the globe," said Jose Maria Vera, Oxfam International Interim Executive Director
 "Covid-19 economic fallout may push half billion people into poverty: Report")
Coronavirus may cause Africa's first recession in 25 years: World Bank
We project that economic growth in Sub-Saharan Africa will decline from 2.4 per cent in 2019 to -2.1 to -5.1 per cent in 2020, said World Bank
 "Coronavirus may cause Africa's first recession in 25 years: World Bank")
Global trade likely to fall by 13-32% in 2020 amid Covid-19 outbreak: WTO
Drop in world commerce might be biggest since the Great Depression
 "Global trade likely to fall by 13-32% in 2020 amid Covid-19 outbreak: WTO")
Markets shed Covid-19 pessimism with biggest single-day gain since 2009
Sentiment improves as virus spread shows signs of slowing
 "Markets shed Covid-19 pessimism with biggest single-day gain since 2009")
Fitch slashes India growth forecast to 30-year low of 2% for FY21
On March 20, Fitch had projected India's GDP growth for 2020-21 at 5.1 per cent, lower than 5.6 per cent estimated in December 2019
 "Fitch slashes India growth forecast to 30-year low of 2% for FY21")
Coronavirus outbreak, recession cloud credit quality outlook, says CRISIL
Moody's, too, revises outlook on Indian banks to negative
 "Coronavirus outbreak, recession cloud credit quality outlook, says CRISIL")
Currency conundrum
RBI has done well to contain excess volatility
 "Currency conundrum")
Asia's factory activity in March contracts sharply on coronavirus fallout
Japan's factory activity contracted at the fastest pace in about a decade in March, adding to views that the world's third-largest economy is likely already in recession
 "Asia's factory activity in March contracts sharply on coronavirus fallout")
Coronavirus impact: India and China may escape global recession, says UN
With two-thirds of the world's population living in developing countries facing unprecedented economic damage from the Covid-19 crisis, the UN is calling for a $2.5 trillion a rescue package
 "Coronavirus impact: India and China may escape global recession, says UN")
Covid-19: Recession for world economy; India, China likely exceptions: UN
The report did not give a detailed explanation as to why and how India and China will be the exceptions as the world faces a recession and loss in global income that will impact developing countries
 "Covid-19: Recession for world economy; India, China likely exceptions: UN")
JPMorgan says the market rout is probably past its worst now
Coronavirus infection rates remain a 'wild card' as they remain high even if they're 'slowing' in the US and Europe
 "JPMorgan says the market rout is probably past its worst now")
Coronavirus impact: Recession in Germany unavoidable, say economic advisors
Germany will not ease measures to prevent the spread of coronavirus before at least April 20, Chancellor Angela Merkel's chief of staff said
 "Coronavirus impact: Recession in Germany unavoidable, say economic advisors")
The Morning After
Policy interventions will have to be intelligent: Striving to create deep, but temporary, safety nets during COVID-19 without generating imbalances and distortions thereafter
 "The Morning After")
World coronavirus dispatch: US crosses 100,000 cases; jobs cuts fear global
Read in today's global Covid-19 digest: Horde among machine makers to produce ventilators; world's richest footballers in for a pay cut; Apple's dedicated Covid-19 screening app; and more
 "World coronavirus dispatch: US crosses 100,000 cases; jobs cuts fear global")
With 75% economy under lockdown, analysts see sharp fall in GDP
Even when the lockdown period ends, it will take time for the economy to be fully up and running. The public fear factor, analysts feel, will still result in below-normal activity for a few months
 "With 75% economy under lockdown, analysts see sharp fall in GDP")
