The region faces a 9.4% GDP decline this year, the worst downfall on record, and will likely lag behind other emerging markets in any recovery. It’s a major blow for millions who were making the long climb out of poverty.4313 hours ago
Talks between White House officials and Democratic leaders on a new coronavirus-aid package ended without a breakthrough as both sides edged closer to the Trump administration’s Friday deadline for reaching a deal or leaving the bargaining table.
More U.S. farmers are filing for bankruptcy, as federal payments projected to reach record levels this year fall short of compensating for the coronavirus pandemic and a yearslong slump in the agricultural economy.513
The Bank of England said the U.K. economy will take until the end of next year to make up the ground lost during the pandemic, after suffering what it estimates was the steepest quarterly fall in output among rich countries.
Many economists expect last week’s expiration of $600 in enhanced weekly unemployment benefits to lead to a sharp drop-off in household spending and a setback for the U.S. economy’s near-term recovery.209
The Treasury Department expects the government’s borrowing needs to moderate somewhat this quarter but remain elevated amid an unprecedented surge in federal spending to combat the coronavirus pandemic.
When the coronavirus halted the global economy in March, the U.S. central bank lent massively to counterparts abroad. The action—among its most significant expansions of power yet—cemented the dollar’s dominance.144
Factories across the U.S., Europe and parts of Asia increased production in July, but the upswing was held back by weak global trade and suggested a long and precarious road ahead for the global economy.