Economy

U.N. Agency: ‘Half of World’s Workers Lose Jobs Over Coronavirus’

A principal United Nations agency warns that nearly half of the world’s working population may lose jobs and incomes as the coronavirus pandemic continues to devastate lives and economies. The International Labour Organization (ILO) said some 1.6 billion people are in “immediate danger of having their livelihoods destroyed” by the economic impact of the virus outbreak and related measures. 

U.S. Economy Down 4.8 Percent In Biggest Decline Since Great Recession

The U.S. economy shrank at 4.8 percent in the first quarter of this year, the most significant decline since the Great Recession of the late 2000s, as the nation shivers of the coronavirus pandemic measures. With much of America in lockdown, figures released by the Commerce Department showed that the United States entered a recession that will end the longest expansion on record.

Poll: ’90 Percent of Americans Fear U.S. Economy Collapse.’

Nearly nine out of every 10 Americans fear the imminent collapse of the U.S. economy during the coronavirus pandemic, according to a new poll. The Axios-Ipsos CoronavirusIndex also showed that Americans fear the possible financial ruin of their nation more than the risk of reopening communities too early amid the virus outbreak.

US deficit expected to reach nearly $4 Trillion

The US Congressional Budget Office (CBO) predicted on Friday that, as a result of the COVID-19 pandemic, America’s deficit will reach $3.7 trillion this year, Politico reports. The CBO also said that unemployment will rise to 16 percent in 2020, before going to down to 9.5 percent by the end of 2021.

EU Unveils $580 Billion Aid Package Amid Virus Lockdowns

After the U.S. unveiled similar measures, the European Union has approved a $580 billion aid package to help limit the devastating economic consequences of coronavirus pandemic lockdowns in member states. However, beyond the immediate aid, the dispute remains over the structure – and funding – of a long-term recovery plan. It emerged this weekend that the European Commission, the EU’s executive, has now been tasked to make proposals by May 6, when another video conference will be held.

Protests Against Anti-Virus Lockdown Spread In Europe

Protests against lengthy coronavirus-related lockdowns have spread in Europe where most people have died in the global pandemic, devastating economies and wracking lives of millions. In Germany, the continent’s largest economy, police detained dozens of protesters over the weekend for violating the strict lockdown measures they were demonstrating against.

Poland’s Health Minister: ‘Delay Elections Till 2022 Over Coronavirus’

Poland’s health minister risked the anger of other government officials by suggesting to delay next month’s presidential elections until 2022 due to the coronavirus pandemic. Minister Lukasz Szumowski, who is also a cardiologist, said Friday that postponing the vote ‘the only safe option’ as the virus disease COVID-19 spreads across the nation.

U.S. Unemployment Hits 26 Million, Worst Since Great Depression

U.S. unemployment is nearing levels of the Great Depression of the 1930s, with one in 6 Americans of working age out of a job as the coronavirus pandemic essentially shut down the economy. About 4.4 million Americans filed for unemployment insurance last week alone, reported the U.S. Labor Department on Thursday.

U.S. new home sales tumble in March

Sales of new U.S. single-family homes dropped by the most in more than 6-1/2 years in March and further declines are likely as the novel coronavirus outbreak batters the economy and throws millions of Americans out of work.

Trump to order temporary suspension on immigration to US

President Trump announced on Monday night that, due to the COVID-19 pandemic, he will be ordering a temporary suspension on immigration to the US. In a post on Twitter, the President said: ‘In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!’

EU Nations Slowly Reopen Amid Coronavirus Lockdown

Several European Union member states are slowly reopening their doors in lockdowns that have impacted millions of people, many of them children. The lockdowns were introduced by authorities citing concerns about the spread of the new coronavirus disease COVID-19.

Germany says ‘Coronavirus Outbreak Under Control’

Germany’s health minister says the month-long lockdown has brought the coronavirus outbreak in his country under control. Jens Spahn spoke while several other European Union nations struggled to contain the new virus disease COVID-19.

EU Chief Apologizes To Italy Over Coronavirus Pandemic

The chief of the European Union’s executive has made ‘a heartfelt apology’ to Italy for the block’s slow response in handling the coronavirus pandemic. Italy suffered more than 21,000 coronavirus-related deaths, the highest toll in Europe, officials say. 

President Trump Asks States To Reopen By May 1

U.S. President Donald Trump has told governors that some could begin reopening their states by May 1 or earlier if they wanted despite ongoing coronavirus infections, according to audio recordings distributed Thursday.

Americans Protest U.S. Lockdown

Protests continue in the United States against the perceived ‘tyrannical’ lockdown orders to halt the coronavirus pandemic. In Richmond, Virginia, dozens of people gathered outside the state legislature Thursday in defiance of stay-at-home rules, which the governor instituted until June 10. ‘STOP the MADNESS! It’s just a COLD VIRUS! End the shutdown for the GOOD of U.S. all!’ read one sign.

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