World Bank President David Malpass said on Tuesday 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.
In the past couple of years, Moscow reduced foriegn debt and saved money to fight any eventuality. But it will need much more to fight its economic woes.
The national jobless rate was 14.7 percent in April, the highest since the Great Depression, and many economists expect it will near 20 percent in May, a sign companies are still slashing jobs.
British no-frills airline EasyJet says it will also shrink its aircraft numbers to around 302 planes in a bid to cut costs as Covid-19 ravages global air travel.
Investors focused on the positives despite growing US-China tensions stalling recovery for equities in May, amid signs that many European economies are coming back to life.
The government is expected to approve the budget, which will also include subsidies to help companies pay rent and wages as they close businesses, at a cabinet meeting.
Cash-strapped governments are leaning toward a new regulatory regime in the wake of pandemic relief efforts.
Over 2.4 million people filed for unemployment last week in the latest wave of layoffs from the business shutdowns that have brought the economy to its knees.
Data published on Tuesday showed the number of people claiming unemployment benefits rose by 856,500 –– the biggest ever month-on-month jump –– to 2.1 million, a 69 percent increase from March.
The bill, crafted by House Speaker Nancy Pelosi and her fellow Democrats, passed mostly along party lines in a 208-199 vote. But Republicans, who control the Senate, have promised it will be "dead on arrival" in their chamber.
Finance Minister Berat Albayrak said the amount provided under the relief package that was announced on March 18, is 5 percent of the country's gross domestic product
As US President Donald Trump's ramps efforts to reopen what's left of the virus-hit American economy, the country's top infectious disease expert warned that re-opening too soon could trigger fresh coronavirus outbreaks.
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