World Economy Faces $5 Trillion Hit: Bloomberg
The coronavirus pandemic is set to rob the global economy of more than $5 trillion of growth over the next two years, greater than the annual output of Japan.
That’s the warning from Wall Street banks as the world plunges into its deepest peacetime recession since the 1930s, after the virus forced governments to demand that businesses close and people stay home, Bloomberg reports.
Although the downturn is predicted to be short-lived, it’ll take time for economies to make up the lost ground. Even with unprecedented levels of monetary and fiscal stimulus, gross domestic product is unlikely to return to its pre-crisis trend until at least 2022.
- The US and China are on the Brink of a new Cold War that Could Devastate the Global Economy "We're essentially in the beginnings of a Cold War," Orville Schell, the director of the Center on US-China Relations at the Asia Society, told Insider. "We are on a downward slide into something increasingly...
- China Announces New Tariff Waivers for Some U.S. Imports The ministry did not disclose the imports value of the products. Beijing in February said it would grant exemptions for 696 U.S. goods including key products such as soybeans and pork based on applications...
- Brent Crude Oil Prices Reach $ 29.78 Per Barrel The price of July futures for North Sea Brent crude oil rose 0.47% up to $ 29.78 per barrel, while June futures for WTI crude oil rose 1.08% up to $ 24.4 per barrel.
- UK and US Kick off Trade Deal Negotiations The restart of talks comes as the UK must negotiate a trade agreement with the EU, following Brexit, and in the midst of a pandemic that threatens to upend the global economy.
- Brent Crude Price Bounces Over $28 Per Barrel The WTI futures, meanwhile, is trading around $27.87 per barrel (+2.46%).
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