Jamie Dimon predicts a ‘major recession’ is on its way In this article CNN desribes the letter of one of the most influential bank CEOs in the world – Jamie Dimon – to shareholders. He expects a “bad recession,” he wrote in the letter released Monday, saying
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Coronavirus: UK among economies risking record slump The BBC business analysis describes some of the preliminary predictions on the affect of the global pandemic. There are expectation for severe contraction of economic activities and waterfall effect for sectors that were partially insulated form the crisis up until
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6.6 million Americans filed for unemployment benefits last week — a record high as coronavirus takes its toll The highest number of unemployed Americans is causing a concern about the health of the US economy and the adequacy of the $2 trillion federal bail-out passed last week.
Read more →South Africa downgraded to full junk status Moody’s has downgraded the credit rating of South Africa to junk status, being the last one of the large credit rating agencies to do so. South Africa’s economy has been performing less than stellar in recent years with high unemployment,
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Dozens of poorer nations seek IMF help amid coronavirus crisis The IMF has officially forecasted that 2020 will be an year with a negative growth. This has caused a number of weaker sovereigns to reach out for financial assistance by the Fund. The recession of 2020 is
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UK announces emergency measures to help self-employed as coronavirus bites The UK Chancellor has announced sweeping and expensive new measures to assist the self-employed weather the economic impact of the pandemic. Rishi Sunak said that the government would pay self-employed people a taxable grant of 80% of
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US agrees on $2 trillion relief package to counter economic effects of coronavirus outbreak In a historic moment the US Congress agreed on unprecedented economic rescue package. Among the introduced measures a direct payment for every adult in the US of up to $1’200 and $500 per
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Global economy will suffer for years to come, says OECD The OECD secretary-general has waned that the way out of the economic damage caused by the pandemic will be long and difficult. Mr. Gurria said “I do not agree with the idea of a ‘V’ shaped phenomenon
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This Time, Can We Finally Turn a Financial Crisis Into an Opportunity? This article by Mark Blyth and Eric Lonergan makes and overview of the deep fragility that the contemporary economy put itself in. It provides a number of solutions for the economic and social crisis to
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Europe’s €750 billion pandemic emergency plan The Governing Council of the ECB had emergency meeting yesterday and decided to create a new relief program that will run to at least the end of 2020. Its initial size is EUR 750 billion – or over 6% of the
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