The financial hub plunged into its first recession since the 2008 global financial crisis in the second quarter of 2020 when the government closed most workplaces as part of drastic measures to contain Covid-19 infections.
The IMF's “A Year Like No Other” report says that it gave loans worth $165 billion to 83 countries, while some $12 trillion had been spent by nations to stop the economic recession amid the coronavirus outbreak.
Australian Treasurer announced the country's robust economy has taken a serious battering by the coronavirus pandemic.
World Bank President David Malpass says poor countries will not be in a better position to deal with the debt payments even if advanced economies suspend them.
While many of the lockdown restrictions have been eased, Britain still faces a tough time in coming months, with unemployment likely to spike as the government phases out a support program that has kept nearly 10 million workers on company payrolls.
Latest claims are down from a peak of nearly seven million in March, and it marked an 11th straight weekly drop, Labor Department says.
Japan's economy has shrunk at an annual rate of 2.2 percent, better than the early estimations due to the hit of coronavirus pandemic and the ongoing trade conflict between US and China, country's most important trading partners.
Authorities ordered numerous businesses shut and closed the country's international borders to stem the spread of Covid-19, costing the economy billions of dollars but achieving success in containing the virus.
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.
Americans stare at a future full of obstacles as unemployment exceeds 16 percent and household debt crosses the $14 trillion mark.
The unprecedented contraction of the global economy due to the coronavirus lockdowns has led to comparisons between today and the crisis seen in the 1930s.
The International Monetary Fund says that beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, and Africa would get its share too.
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