reasons for recession 2019

Although the toll on Americans so far has been contained, economists warn that a deepening rift between the world's economic superpowers could trigger recession. Copyright © 2020 CBS Interactive Inc. All rights reserved. [148], The Washington Post posited that pandemic-related turmoil could spark a collapse of the corporate debt bubble, sparking and worsening a recession. [222] Almost half the national budget goes towards interest payments, with questions about whether the country will be able to make all future payments. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic. Japan is currently (2020) facing a recession due to many occurring circumstances that have caused Japan's economy to slowly spiral down.. On December 8, 2009; Japan's government reached an agreement regarding the financial crisis that the country is facing and has chosen to put a stimulus package into action. First, let's recap what's making people jittery. [128] Oil prices fell 22%,[129] and the yields on 10-year and 30-year U.S. Treasury securities fell below 0.40% and 1.02% respectively. As a result, the 2020–21 budget will record a $184 billion deficit, the largest since WWII. [323], By the start of May, 23% of the British workforce had been furloughed (temporarily laid off). A recession is a general downturn in any economy. [241] In April, construction of new homes dropped by 30%, reaching the lowest level in five years. They fell 11.2%, 8.4%, and 7.9% respectively. [348] The employment of immigrants in the U.S. declined more than for the native-born partly because the kinds of job immigrants held. The thing to understand about an inverted yield curve is that it's a warning sign, not a foregone conclusion. [247], The largest economic stimulus legislation in American history, a $2 trillion package called the CARES Act, was signed into law on 27 March 2020.[248]. [16][17], The recession has seen unusually high and rapid increases in unemployment in many countries, and the inability in the United States for state-funded unemployment insurance computer systems and processes to keep up with applications. As a result of the rapid spread of the pandemic, economies across the world initiated 'lockdowns' to curb the spread of the pandemic. [73] However, the virus is already spreading within communities in large parts of the world, with many not knowing where or how they were infected. [citation needed], From 24 to 28 February, stock markets worldwide reported their largest one-week declines since the 2008 financial crisis,[104][105][106] thus entering a correction. [261][262] In April 2020, a water consultant predicted a shortage of rice and other staples during the pandemic unless farmers' water allocations were changed. When will employers stop hassling Black workers over their hair? [27], The recession saw a drop in the price of oil triggered by the 2020 Russia–Saudi Arabia oil price war; the collapse of tourism, the hospitality industry, and the energy industry; and a significant downturn in consumer activity in comparison to the previous decade. [322] April's Purchasing Managers' Index score was 13.8 points, the lowest since records began in 1996, indicating a severe downturn of business activity. [277] Annual inflation remained in negative territory in May (-1.7%) and is forecast to edge up to 1.0 percent by year-end.[278]. There are several reasons a recession may start in 2019, and undercut growth in the very short term. Below is a summary table based on data from the International Monetary Fund (unless otherwise specified). One is the government's raise in consumption tax from 8% to 10% despite opposition from the citizens. Further information: States have announced additional spending. [205] The Central Bank of the Republic of Turkey lowered its reserve requirement from 8% to 6%. Real GDP was forecast to fall at a nearly 38% annual rate in the second quarter, or 11.2% versus the prior quarter, with a return to positive quarter-to-quarter growth of 5.0% in Q3 and 2.5% in Q4 2020. [290][291][292] In the second quarter of 2020, unemployment fell 0.2 percentage points to 4 percent; however, the under-utilization rate (a measure of spare capacity in the labor market) rose to a record 12 percent, up 1.6 percentage points from the previous quarter, and working hours fell by 10 percent. [268], On 23 July 2020, Josh Frydenberg delivered a quarterly budget update stating the government had implemented a $289 billion economic support package. Powered and implemented by FactSet. "We would caution against seeing the inversion of the yield curve as an infallible predictor of an economic contraction or a bear market," Michael Ryan, Chief Investment Officer Americas at UBS, and Mark Haefele, the investment bank's Global Chief Investment Officer, said in a report. Government schemes were launched to help furloughed employees and self-employed workers whose incomes had been affected by the outbreak, effectively paying 80% of their regular incomes, subject to eligibility. Some analysts fear the next recession in 2019. [271] Remittances in turn are expected to fall 22 percent. The manufacturing sector looks particularly weak, and may already be in recession. Retail’s challenged position. [305] Normally, any figure below 50 is a sign of economic decline. This page was last edited on 1 December 2020, at 22:46. Provincial governments have also announced fiscal measures, announced expenditure of 12% from total GDP, Assistance in total amounts to about 6.0 billions USD (11% of the total GDP). [305], The Belarusian economy is being negatively affected by the loss of Russian oil subsidies, and the drop in price of Belarus's refined oil products. The First Metro Investment Corp projects a year-on-year GDP decline of 8-9%. London's FTSE 100 lost 7.7%, suffering its worst drop since the 2008 financial crisis. Among Singapore citizens, the unemployment rate increased from 3.3 per cent to 3.5 per cent, while the resident unemployment rate, which includes permanent residents, increased from 3.2 per cent to 3.3 per cent. In recent decades, an inversion has preceded most—but not all—recessions. [326] On 13 May, the Office for National Statistics announced a 2% fall in GDP in the first quarter of 2020, including a then-record 5.8% monthly fall in March. [306][307] France has been significantly hit hard by the pandemic, with two months of 'strict lockdown' imposed on the French society. On that front, something to watch is the Trump administration's linkage of foreign policy to its trade feud with China. [301], On 28 April, the Monetary Authority of Singapore (MAS) said in its latest half-yearly macroeconomic review Singapore will enter into a recession this year because of the blow from the COVID-19 pandemic, resulting in job losses and lower wages, with "significant uncertainty" over how long and intense the downturn will be. [110][111] On 9 March, most global markets reported severe contractions, mainly in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia. Well, not quite. ET [333], New vehicle sales in the United States have declined by 40%. [271], As a result of the recession, China's economy contracted for the first time in almost 50 years. Crisil has lowered its gross domestic product (GDP) forecast for this fiscal to 6.9%, 20 basis points lower than its earlier projection. [158], In Colombia, the peso set an all-time low against the U.S. dollar, when it traded above 4000 pesos for the first time on record. [201], The Cboe Volatility Index closed at 82.69 on 16 March, the highest ever closing for the index (though there were higher intraday peaks in 2008). [160], Bank Indonesia announced open market purchases of Rp4 trillion (or $276.53 million) in government bonds,[161] while Bank Indonesia Governor Perry Warjiyo stated that Bank Indonesia's open market purchases of government bonds had climbed to Rp130 trillion on the year and Rp110 trillion since the end of January. However, IMF said India's economy is expected to bounce back in 2021 with a robust six percent growth rate. On 9 April 2020, at least 600,000 businesses went bankrupt, and 9 million people were fired. Many governments have restricted or advised against all non-essential travel to and from countries and areas affected by the outbreak. [7][8][9] Modeling by the World Bank suggests that in some regions a full recovery will not be achieved until 2025 or beyond. [215] African countries cumulatively owe $152 billion to China from loans taken 2000–2018; as of May 2020, China was considering granting deadline extensions for repayment, and in June 2020, Chinese leader Xi Jinping said that some interest-free loans to certain countries would be forgiven. [300], Property investment sales in Singapore fell 37 per cent to $3.02 billion in the first quarter of this year from the previous three months as the pandemic took its toll on investor sentiment, a report from Cushman & Wakefield on 13 April showed. ", "The coronavirus recession is already here", "World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery", "The Great Lockdown: Worst Economic Downturn Since the Great Depression", "COVID-19 to Plunge Global Economy into Worst Recession since World War II", "The Great Recession Was Bad. And while the White House's response to the Hong Kong protests so far has been mild, the situation remains a pressure cooker. Wall Street’s biggest banks are scouring U.S. data for signals of an impending Differences across occupations caused difference in the economic effects across groups. [49] In 2018, U.S. President Donald Trump began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. describes as "unfair trade practices". [329], Various service sectors are expected to be hit especially hard by the COVID-19 recession. [151][152] After announcing a $120 billion fiscal stimulus programs on 2 December,[153] Japanese Prime Minister Shinzo Abe announced additional government spending,[154] while Indonesian Finance Minister Sri Mulyani announced additional stimulus as well. [36] If the economic climate worsens, companies with high levels of debt run the risk of being unable to make their interest payments to lenders or refinance their debt, forcing them into restructuring. [229], In response, the Government of Canada introduced several benefits including, the Canada Emergency Response Benefit, the Canada Emergency Student Benefit, and the Canada Emergency Wage Subsidy. [254][255][256][257] [227], By June 2020, the national unemployment rate in Canada was 12.5%, down from 13.7% in May. [clarification needed] The S&P 500 fell by 7.6%. It was the largest monthly drop since record keeping began in 1959. For an explanation regarding the title "Black Thursday", see: Learn how and when to remove these template messages, Learn how and when to remove this template message, Social distancing measures related to the COVID-19 pandemic, severe acute respiratory syndrome coronavirus 2, Public Health Emergency of International Concern, the postponement or cancellation of sporting, religious, political and cultural events, Schools, universities and colleges have closed, Organization of the Petroleum Exporting Countries, Saudi Arabia and Russia both announced increases in oil production on 7 March, Financial market impact of the COVID-19 pandemic, oil price war between Russia and the OPEC countries led by Saudi Arabia, most points the Dow Jones Industrial Average has dropped in a single day, Economic impact of the COVID-19 pandemic in Canada, Economic impact of the COVID-19 pandemic in the United States, COVID-19 pandemic in mainland China § Economic impact, Economic impact of the COVID-19 pandemic in India, Organisation for Economic Co-operation and Development, Impact of the COVID-19 pandemic on tourism, Impact of the COVID-19 pandemic on the restaurant industry, Impact of the COVID-19 pandemic on aviation, Impact of the COVID-19 pandemic on the food industry, Impact of the COVID-19 pandemic on the environment#Investments and other economic measures, "Coronavirus recession not yet a depression", "How will the coronavirus recession compare with the worst in Australia's history? China's move earlier this month to allow its currency to depreciate—bringing shrieks of currency manipulation from President Donald Trump—has opened a new front. [181] In Brazil, the Ibovespa plummeted 14.78%, after trading in the B3 was halted twice within the intraday; it also moved below the 70,000 mark before closing above it. [281] However the prediction later turned out to be wrong. [71][72] Schools, universities and colleges have closed either on a nationwide or local basis in 80 countries, affecting approximately 61.6 percent of the world's student population. [143] In Singapore, the Straits Times Index fell 6.03%. First came a pandemic. Since August 2019, Lebanon had been experiencing a major economic crisis that was caused by an increase in the official exchange rate between the Lebanese pound and the United States dollar. South Africa’s rapid return to recession will pile pressure on Mr Ramaphosa, whose pledge of a “new dawn” for the corruption-battered economy has flagged since he became president two years ago. [299], The government projects that the GDP will contract by 5.5% in 2020. [318] A day later, the Chancellor of the Exchequer Rishi Sunak announced the government would spend £350 billion to bolster the economy. [131] Brazil's IBOVESPA gave up 12%, erasing over 15 months of gains for the index. [245][246] The United States Department of Commerce reported that consumer spending fell by 7.5 percent during the month of March 2020. As of early January 2019, inflation expectations appear to be well anchored at 2% per year, ... "If a recession comes anytime soon, the US government will not have the tools to fight it." [351][352] However, because of the lockdown implemented to slow down the spread of the virus before the time of the first protests unemployment rose suddenly in less than one month leaving over 21 million without a job in the US only (from 3+% to 14+%), which also supported the circumstances needed for long lasting protests. As a result, the country's gross domestic product reduced at a rate of 4.8 percent during the first quarter of 2020. Not all recessions are a modest decline … [121] This predicted 1,300-point drop would establish 9 March as being among the most points the Dow Jones Industrial Average has dropped in a single day. Even before the COVID-19 crisis began, our report The next consumer The 'Great Lockdown' Is Worse", "IMF Says 'Great Lockdown' Worst Recession Since Depression, Far Worse Than Last Crisis", "IMF economic outlook: 'Great Lockdown' will be worst recession in century", "A third of the global population is on coronavirus lockdown – here's our constantly updated list of countries and restrictions", "World Economic Outlook, April 2020 : The Great Lockdown", "Nations must unite to halt global economic slowdown, says new IMF head", "The worst of the global economic slowdown may be in the past, Goldman says", "The coronavirus has destroyed the job market. [186] 12 March was the second time, following 9 March, that the 7%-drop circuit breaker was triggered since being implemented in 2013. [350], The U.S. stock market has remained unaffected or otherwise increased since the start of the protests on 26 May. [252] Legal Statement. They Probably Can't Reopen It", "Expert explains why estimated US deaths have doubled", "A lot of evidence suggests that formal re-opening policies are only loosely correlated with people's behavior", "Oil prices fall as coronavirus spreads outside China", "Coronavirus set to knock oil demand growth to slowest since 2011", "Opec discusses coronavirus as Chinese oil demand slumps – as it happened", "OPEC Tries to Forestall a Coronavirus Oil Collapse", "Oil plunges 10% for worst day in more than 5 years after OPEC+ fails to agree on a massive production cut", "Oil plunges 25%, hit by erupting Saudi-Russia oil price war", "Saudi-Russian price war sends oil and stockmarkets crashing", "Oil prices plunge as much as 30% after OPEC deal failure sparks price war", "Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts", "U.S. markets crater with stocks down more than 5 percent as coronavirus spreads", "Oil price war threatens widespread collateral damage", "Oil crashes by most since 1991 as Saudi Arabia launches price war", "Saudi Arabia and Russia Reach Deal to Cut Oil Production", "Saudi, Russia agree oil cuts extension, raise pressure for compliance", "Saudi Arabia, Russia Agree to Record Oil Cut Under US Pressure as Demand Crashes", "How negative oil prices revealed the dangers of the futures market", "Wall Street and FTSE 100 plunge on worst day since 1987 – as it happened", "Global stocks head for worst week since the financial crisis amid fears of a possible pandemic", "Dow falls 350 points Friday to cap the worst week for Wall Street since the financial crisis", "European stocks fall 12% on the week as coronavirus grips markets", "Dow plunges 1,191 points, its biggest one-day point drop, as coronavirus fears escalate", "Stock market enters a correction, down 10% from recent peak", "Seven major Asia-Pacific markets have tumbled into correction territory", "Asian shares rise following stimulus-led surge on Wall St", "Global stock markets post biggest falls since 2008 financial crisis", "US stocks halted after falling 7%. These airlines have already collapsed because of the pandemic", "Virgin Australia enters voluntary administration", "Air Mauritius enters voluntary administration", "The coronavirus may sink the cruise-ship business", The impact of COVID-19 on women: UN Secretary-General’s policy brief, The Adverse Effect of the COVID-19 Labor Market Shock on Immigrant Employment, "George Floyd protests hammer cities as they reopen from coronavirus lockdowns", "This is the insurance bill for damage and looting during protests over George Floyd's death — and that's just in Minnesota", "Damage blamed on rioting in Kenosha tops $50 million, county asks for federal help to rebuild". [184] The benchmark stock market index on the Johannesburg Stock Exchange fell by 9.3%. [226] [216][217], Botswana has been affected by sharp falls in the diamond trade, tourism and other sectors. [citation needed]. Economic Recession 2019: Reasons Why Jamie Dimon Doesn’t See A Recession Coming in 2019. E' il peggior crollo di sempre", "European Markets Plummet On Trump's Travel Ban", "Ibovespa ameniza queda e recua 14% após anúncio de estímulos do Fed; dólar sobe a R$4,84", "Ibovespa cai 14,8% e tem seu pior pregão desde 1998; dólar sobe a R$4,78", "MARKETS: Sensex slumps 2,919 pts, Nifty at 33-mth low in biggest 1-day fall", "JSE stocks plunge the most since 1997 in 'panic' sell-off", "Merval suffers another rout fuelled by Covid-19 pandemic", "Colombia's central bank holds extraordinary meeting amid sharp fall in peso", "Dólar en Colombia alcanzó este jueves una cifra histórica de $4.034", "Dólar alcanza máximo histórico de 22.98 pesos en la madrugada", "Coronavirus: Saudi Central Bank announces 50 billion riyal package", "Ramaphosa pledges Covid-19 economic stimulus package", "Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program", "Fed cuts interest rates to near zero, coordinates with other central banks to combat coronavirus", "Stocks poised for plunge Monday as Dow futures drop 1,000 points despite Fed rate cut to zero", "Australia stocks drop nearly 10% as Asia markets tumble; Fed cuts rates to zero", "European stocks close down 5%, travel stocks tank 10% as EU proposes flight restrictions", "ASX 200 posts biggest fall on record, Reserve Bank flags further measures amid coronavirus fears", "Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since '87", "Oil drops nearly 10%, breaking below $29 as demand evaporates", "10-year Treasury yield falls below 0.8% after Fed's emergency move to cut rates to zero", "Stock Market Volatility Tops Financial Crisis With VIX at Record", "Wall Street's fear gauge closes at highest level ever, surpassing even financial crisis peak", "Fed says it will offer an additional $500 billion in overnight repo funding markets", "Indonesia deploys second stimulus amid market, rupiah routs", "Turkish central bank lowers remuneration rate on required reserves -bankers", "BOJ ramps up risky asset buying as central banks fight coronavirus fallout", "Russian ruble falls as central bank cuts key rate by 25 basis points to 6%", "Russia seen holding key rate at 6% on Friday amid coronavirus, low oil", "Bank of Korea slashes rate in emergency move after US Fed cut", "EMERGING MARKETS-Latam FX caught in virus-driven rout; Chile central bank cuts rates", "New Zealand central bank slashes rates at emergency meeting as coronavirus worsens", "UPDATE 2-CEE MARKETS-Assets fall even as central banks act to fight virus impact", "COVID-19 (Coronavirus) Drives Sub-Saharan Africa Toward First Recession in 25 Years", "Coronavirus: World Bank predicts sub-Saharan Africa recession", "China May Agree to Delay, Not Forgive, $150 Billion Africa Debt", "China is promising to write off some loans to Africa. [132] Australia's ASX 200 lost 7.3%—its biggest daily drop since 2008,[133][134] though it rebounded later in the day. [1][2][3][4][5][6] As of September 2020, every advanced economy is in a recession or depression, whilst all emerging economies are in recession. Latin American countries are expected to fall into a "lost decade", with Latin America's GDP returning to 2010 levels, falling by 9.1%. [23][24][25] The developing world is also being affected by a drop in remittances,[26] exacerbating global food crises. [100], The global stock market crash began on 20 February 2020, although the economic aspects of the crisis began to materialise in late 2019. [39] 'Cracks' were showing in the consumer market as global markets began to suffer through a 'sharp deterioration' of manufacturing activity. [92][93] Brent Crude, used to price two-thirds of the world's crude oil supplies, experienced the largest drop since the 1991 Gulf War on the night of 8 March. [367], Several countries have announced stimulus programs to counter the effects of the recession. [270], The Bangladeshi economy is heavily dependent on the garment industry and remittances from migrant workers. Perhaps the biggest wild card: trade. [46][47] The first signs of trouble leading up to the collapse occurred in September 2019, when the US Federal Reserve began intervening in the role of investor to provide funds in the repo markets; the overnight repo rate spiked above an unprecedented 6% during that time, which would play a crucial factor in triggering the events that led up to the crash. [180] Germany's DAX fell 12.24% and France's CAC 12.28%. Fri 23 Aug 2019 08.42 EDT Last modified on Fri 23 Aug 2019 ... opposite effect. [182][183] The NIFTY 50 on the National Stock Exchange of India fell 7.89% to more than 20% below its most recent peak, while the BSE SENSEX on the Bombay Stock Exchange fell 2,919 (or 8.18%) to 32,778. [231] The economic development plans of president Andrés Manuel López Obrador were predicated on revenue from the state oil company Pemex, but the oil price collapse has now raised doubts on those plans. "We believe that recession fears are overdone, but investors should prepare for a more sustained period of lower interest rates.". Capitol Report Here’s how a recession could happen in 2019 — and why it almost certainly won’t Published: Jan. 9, 2019 at 9:36 a.m. [340] Some employees were fired, and more employees lacked sick leave in the sector compared to similar sectors. [267] Over 280,000 individuals applied for unemployment support at the peak day. [263], The unemployment level of 5.1% is projected to rise to a 25-year high of 10.0%, according to Treasury data released in April 2020. Get the latest breaking news delivered straight to your inbox. [89][90] On 8 March, Saudi Arabia unexpectedly announced that it would increase production of crude oil and sell it at a discount (of $6–8 a barrel) to customers in Asia, the US, and Europe, following the breakdown of negotiations as Russia resisted calls to cut production. Fastest Plunge Of 20% On Record", "Dow plunges 10% amid coronavirus fears for its worst day since the 1987 market crash", "Wall Street plunges, bringing record bull run to an end", "Oil drops as much as 8%, on pace for worst week in more than a decade", "10-year Treasury yield rises even as stocks tumble into bear market", "Coronavirus: FTSE 100, Dow, S&P 500 in worst day since 1987", "Canadian stock market bloodbath: Worst one-day fall in 80 years", "Borse, Piazza Affari chiude a −16,92%. [274], In late January, economists predicted a V-shaped recovery. So stores are filing for bankruptcy", "Many of the world's airlines could be bankrupt by May because of the COVID-19 crisis, according to an aviation consultancy. [28][29][30] Global stock markets crashed around 20 to 30% during late February and March 2020, respectively. On 21 April, the United Nations World Food Programme warned that a famine "of biblical proportions" was expected in several parts of the world as a result of the pandemic. About 16 million jobs were lost in the United States in the three weeks ending on 4 April. [341][342], Shopping centers and other retailers around the world have reduced hours or closed down entirely. [164] Australian Prime Minister Scott Morrison announced a A$17.6 billion fiscal stimulus package. ... financial market turmoil and geopolitical tensions are fueling fears of an approaching recession. [325] Economic growth was already weak before the crisis, with 0% growth in the fourth quarter of 2019. The unemployment rate increased from 3.5% in February to 14.7% in April, representing a decline of more than 25 million people employed, plus another 8 million persons that exited the labor force. [57][58], In Europe, economies were hampered due to uncertainty surrounding the United Kingdom's withdrawal from the European Union, better known as Brexit. [296][297], The Philippines' real GDP contracted by 0.2% in the first quarter of 2020, the first contraction since the fourth quarter of 1998, a year after the Asian financial crisis. [356] The protest's first fortnight coincided with a 38% rise in the stock market. [218], Namibia's central bank sees the nation's economy shrinking by 6.9%[220] This will be the biggest shrink of GDP since its independence in 1990. [50] Among those trade practices and their effects are the growing trade deficit, the alleged theft of intellectual property, and the alleged forced transfer of American technology to China. [10][11][12][13], The COVID-19 pandemic has led to more than a third of the world's population being placed on lockdown to stop the spread of COVID-19. But stocks haven't cratered—in fact, the S&P 500 is up more than 16% this year and remains only 3.3% off the all-time high the benchmark index notched in late July. [232], Before the pandemic, there were signs of recession. The UK's new lockdown rules, explained", "Bank of England to directly finance UK government's extra spending", "Coronavirus hit household spending much harder than BoE assumed", "UK business activity drops to lowest level on record", "Nearly a quarter of British employees furloughed in last fortnight", "BoE warns UK set to enter worst recession for 300 years", "Gross Domestic Product: Quarter on Quarter growth: CVM SA %", "Britain is facing 'significant recession', says Rishi Sunak", "HSBC posts sharp fall in profits and warns of 'challenging' US-China tensions", "UK officially in recession for first time in 11 years", "Jobs recovery from COVID-19 gained steam in September, with 378,000 new hires | CBC News", "How the coronavirus recession puts service workers at risk", "Worst yet to come as coronavirus takes its toll on auto sales", "General Motors, Ford and Fiat Chrysler to temporarily close all US factories due to the coronavirus", "China coronavirus adds to German automakers' woes", "US oil prices turn negative as demand dries up", "Record deal to cut oil output ends price war", "Global tourism industry may shrink by more than 50% due to the pandemic", "Coronavirus exposes sick leave gap for retail, restaurant workers", "Nobody's buying clothes right now. At the first trimester of 2020 the gross domestic product was 1.5% smaller than the GDP of the first trimester of 2019, and it decreased to the same level of 2012. [39][42], In April 2019, the U.S yield curve inverted, which sparked fears of a 2020 recession across the world. because they involve working with people closely or with particular materials. Canadian manufacturing sales in March fell to the lowest level since mid-2016, as sales by auto manufacturers and parts suppliers plunged more than 30%. Next Recession 2019. In mid-February, the International Energy Agency forecasted that oil demand growth in 2020 would be the smallest since 2011. See which states have been hit the hardest", "Unemployment cases jump in the United States", "Remote opportunities released by California State University", "ILO: COVID-19 causes devastating losses in working hours and employment", "UK economy could shrink by 35% with 2m job losses, warns OBR", "Unemployment forecast to soar to highest rate in almost 30 years", "Spain's jobless rate is set to surge much more than in countries like Italy", "Covid stops many migrants sending money home", "Coronavirus pandemic will cause global famines of 'biblical proportions,' UN warns", "Consumer Attitudes And Behavior Will Change in the Recession, And Persist When It Ends", "The $1.5 Trillion Global Tourism Industry Faces $450 Billion Collapse in Revenues, Based on Optimistic Assumptions", "Stock Market Crash 2020: Everything You Need to Know", "Wild stock-market swings are 'emotionally and intellectually wearing' on Wall Street", "Corporate bonds and loans are at the centre of a new financial scare", "April 2020 Global Debt Monitor: COVID-19 Lights a Fuse", "Transcript of October 2019 Global Financial Stability Report Press Briefing", "Companies With High Debt Are Paying a Price", "The World Economy: Synchronized Slowdown, Precarious Outlook", "Opinion: Here's what is really causing the global economic slowdown", "A Strange New World: Economic Slowdown, Liquidity Issues", "Dow, S&P 500 set for worst May tumble in nearly 50 years amid U.S.-China trade clash", "Household debt up 7.4% in 2019 amid economic woes", "Coronavirus could cause more countries to default on their debt, economist says", "Statement Regarding Monetary Policy Implementation", "The Trade War, Paused for Now, Is Still Wreaking Damage", "Trump's Trade War With China Is Officially Underway", "Findings of the Investigation into China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation Under Section 301 of the Trade Act of 1974", "U.S. manufacturing was in a mild recession during 2019, a sore spot for the economy", "China–US trade war: Sino-American ties being torn down brick by brick", "For the U.S. and China, it's not a trade war anymore – it's something worse", "NDR 2019: Singapore will be 'principled' in approach to China–US trade dispute; ready to help workers", "Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%", "IMF – The "Great Lockdown" Is Set To Triggers The World's Worst Recession Since The 1929 Great Depression", "Great lockdown as bad as Great Depression: IMF", "Shadow of Brexit still looms over economy: experts debate the data", "How has Brexit vote affected the UK economy?

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