China’s Economy Shrinks, Ending a Nearly Half-Century of Growth
The contraction comes at a time when the rest of the world needs an economic boost, underscoring how momentous the task of reviving the global economy will be.
By BEIJING — The coronavirus outbreak has brought China’s extraordinary, nearly half-century-long run of growth to an end — a stark reminder of the enormous task ahead for world leaders trying to restart the global economy.
Chinese officials on Friday said that the world’s second-largest economy shrank 6.8 percent in the first three months of the year compared with a year ago, ending a streak of untrammeled growth that survived the Tiananmen Square crackdown, the SARS epidemic and even the global financial crisis. The data reflects China’s drastic efforts to stamp out the coronavirus, which included shutting down most factories and offices in January and February as the outbreak sickened tens of thousands of people.
Read more at www.nytimes.com
Covid-19 quarantine could cost Russia $242 BILLION as oil price fall starts to hit budget income
By Bryan MacDonald
16 Apr, 2020
There are storms, and there are ‘perfect storms.’ Just days after negotiations between Russia, the US and Saudi Arabia led to a deal on crude output, there are clear signs of more turbulent seas ahead.
According to Russian economists, the financial damage caused by measures to contain the coronavirus pandemic could amount to 17.9 trillion rubles ($242 billion). Meanwhile, 15.5 million people may find themselves out of work, from a total labor force of around 72 million. Such a figure would be astonishing in modern Russia, which has registered consistently low unemployment under the Putin and Medvedev presidencies. The jobless rate stood at only 4.2 percent in February.
Read more at https://www.rt.com/russia/486041-covid-19-quarantine-russia-cost/?utm_source=Newsletter&utm_medium=Email&utm_campaign=Email