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.
- Saudis Raise Oil Pricing to U.S., Asia State producer Saudi Aramco increased all its grades to Asia by $1 a barrel for August.
- Oil Prices Rise on OPEC+ Cuts, record China Imports Brent has nearly doubled since the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies - collectively known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day...
- OPEC and its Allies Led by Russia to Hold a Meeting on June 6 Two sources at OPEC + reported that Russia and Saudi Arabia agreed to extend the current terms of the agreement, which would imply a 9.7-million-barrel decrease in production per day in May and June, with...
- 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...
Russia's FM and his Cyprus Сounterpart Discuss Bilateral Agenda Issues
Artsakh Republic President Visited the Newly-Opened Drinking Water Bottling Plant and the "Triumph Group" LLC engaged in the Production of Canned Food
Armenian Tax Revenues Decrease by AMD 17.6 Million in 1st Half of 2020
Armenia’s PM: Citizen of Armenia Not a Material to Die from Coronavirus
UN Security Council Rejects Russian-Backed Resolution on Syrian Aid Deliveries
Artsakh Republic President Received a Group of Reserve Officers
Trump Hosts Mexican President for First Visit at White House
Armenia Records 30346 Confirmed Coronavirus Cases
Armenophobia Is the Last Line of Defense of Aliyev’s Power: Armenia's MFA Spokesperson
Artsakh's MFA Commented on Announcements of Ilham Aliyev
5 Day Weather Forecast in Armenia
Who Can No Longer Wear Face Masks Outdoors in Armenia?-New Decision
Greek Parliament Ratifies Armenia-EU CEPA
Trump Said His Administration Is Considering Banning the App TikTok
Russia, China Veto U.N. Approval of Aid Deliveries to Syria from Turkey
Armenia’s Deputy DM Gabriel Balayan Contracts Coronavirus
Serbs Storm Parliament after Virus Lockdown Announced
Mkhitar Hayrapetyan Became the Head of the NA Armenia-Iran Friendship Group
The Embassy of Armenia Commented on the Desecration of the Armenian Genocide Memorial
Armenia Records 29820 Confirmed Coronavirus Cases
Karen Bekaryan: Nikol Pashinyan Has Forgotten that His Mission Is to Represent and Advocate the Interests of His Country
''Nasty Armenian'': Turkish Singer Sued for Insulting Armenians in a Post Addressed to Kim Kardashian
Ancient Armenian Church Surfaces from under Lake Van
Armenia’s Government Should Oppose Turkey Attempts to Take Over Armenian Properties in Jerusalem
Government Approves 22nd Anti-Crisis Program: Unemployed Citizens to Receive Lump-Sum Assistance at the Rate of the Minimum Wage
Turkey Drew Up Plans to Invade Greece and Armenia: Jerusalem Post
ANCA Calls for Robust US Funding for Artsakh
Comment by the Spokesperson of the MFA of Armenia Anna Naghdalyan on the Remarks of the President of Azerbaijan During the Opening on N Military Unit
Armenia PM: Constitutional Court President will be Dismissed, Powers of CC Members will Terminate in a Few Hours
Statement by the Foreign Ministry of the Republic of Artsakh on the Occasion of the 28th Anniversary of the Occupation of the Shahumian Region
Wind: 11 km/h