Bank says coronavirus pandemic inflicted a "swift and massive shock" causing broadest collapse of global economy since 1870.
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.
Surveys have also shown consumer confidence, manufacturing and services industries stabilising albeit at low levels in May, indicating the downturn triggered by Covid-19 pandemic was bottoming.
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.
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 wave of layoffs may not subside until Congress can agree on providing rescue aid for financially desperate state and local governments as well as further help for households.
The unemployment rate is forecast to reach 16 percent, the highest rate since the Great Depression, and economists estimate that 21 million jobs were lost last month.
Americans stare at a future full of obstacles as unemployment exceeds 16 percent and household debt crosses the $14 trillion mark.
Some 1.6 billion workers employed by the informal economy are in immediate danger of losing their livelihoods due to the pandemic, according to the International Labour Organization.
Colorado, Mississippi, Minnesota, Montana and Tennessee were set to join several other states in reopening businesses without the means to screen systematically for infected people who may be contagious but asymptomatic.
Mandatory lockdowns to stop the spread of the new virus, which has so far infected more than 2.2 million people and for which there is no vaccine, have brought widespread hardship.
The impact could be severe in low-income countries, which have more workers in the informal sector and significant foreign debt.
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