Tag Archives: recession

Brussels, Belgium | XINHUA | Europe formally and dramatically entered into recession Friday, with the latest data released by the European Union showing that the 19-member eurozone saw their economies contract by 40.3 percent in the second quarter of 2020, compared with the same period a year ago. The main …

Washington, US | XINHUA | The U.S. economy saw the sharpest contraction in decades between April and June as the country grappled with the fallout of COVID-19 lockdowns, indicating the depth and severity of the pandemic-induced recession. The U.S. economy contracted at an annual rate of 32.9 percent in the …

Washington, US | XINHUA | The resurgence of COVID-19 cases across the United States is raising the risk of a double-dip recession if the country is unable to reign in the pandemic, economists have warned. A total of 34 U.S. states have seen increasing rates of COVID-19 infection since the Memorial …

New York, US | XINHUA | Wall Street’s major averages posted mixed results during the past week as investors digested a slew of earnings reports while weighing the impact of surging coronavirus infections. For the week ending Friday, the Dow gained 2.3 percent, the S&P 500 rose 1.3 percent, and …

Kampala, Uganda | XINHUA | British Prime Minister Boris Johnson warned Monday of bumpy times ahead amid a looming recession in Britain, but insisted there would be no return to austerity in the country. In a broadcast interview on the Times Radio newly launched in London, Johnson said he was …

Kampala, Uganda | XINHUA | The International Monetary Fund (IMF) on Wednesday revised down its forecast for the global economy amid the mounting COVID-19 fallout, projecting a 4.9-percent contraction in 2020. The latest projection is 1.9 percentage points below the World Economic Outlook (WEO) forecast released in April, indicating a …

Washington, United States | AFP | Global economic growth could rebound next year but the number of people living in extreme poverty is expected to remain unchanged, the World Bank warned Tuesday. The projection came after the Washington-based development lender said Monday the coronavirus pandemic could drive between 70 and 100 million people into extreme …

London, United Kingdom | AFP | Growing optimism about a swift global economic recovery pushed equity markets sharply higher Wednesday, as investors took heart from further easing of lockdowns while looking past China-US tensions and civil unrest across America. The upbeat mood — and hopes for an extension to a massive …

Washington, United States | AFP | The global economy is facing “staggeringly large” losses and the recovery effort is hampered by a shortage of resources to make up for the damage caused by the coronavirus pandemic, World Bank President David Malpass said Tuesday. While the Washington-based development lender has rushed out …

London, United Kingdom | AFP | Global stock markets were mixed Monday, with US investors keeping a wary eye on violent anti-racism protests across the country and simmering tensions with China over Hong Kong. In Asia and then Europe, the focus was on the progressive easing of coronavirus lockdowns, offering hope …