US faces severe economic downturn as virus tolls fall in hardest-hit Europe

News Image

MG News | May 18, 2020 at 09:20 AM GMT+05:00

0:00

May 18, 2020: The world's biggest economy faces a severe downtown but will not suffer another Great Depression, US Fed chief Jerome Powell said on Sunday, as three hardest-hit countries in Europe reported low death tolls and lockdowns eased.

Italy recorded the fewest deaths from coronavirus, 145, in one day since its two-month lockdown began, while Spain had 87 new virus-related deaths -- the first time the number has fallen below 100 in two months.

Restaurants, bars and cafes will be among the businesses allowed to reopen from Monday in Italy, and Spain will also further relax its lockdown measures, except in Madrid and Barcelona.

Britain also registered its lowest daily increase since late March, with 170 fatalities. However, that number did not include Northern Ireland due to a technical issue -- and these figures are often lower on weekends due to lags in reporting.

With a worldwide virus death toll above 315,000 and the global economy reeling from the vast damage caused by stay-at-home orders, numerous European countries are lifting restrictions to provide much-needed respite for their beleaguered and impatient populations

Weekend leisure-seekers enjoyed reopened beaches in France, Greece and Italy, and Britons basked in sunny parks.

In the United States, too, with more than 30 million jobs destroyed, states have begun reopening even though federal guidelines for a two-week decline in cases have not always been met.

The US economy could "easily" collapse by 20 to 30 percent this quarter, and unemployment could peak at 20 to 25 percent, but, "it should be a much shorter downturn than you would associate with the 1930s," Powell, the Federal Reserve Chairman, said on CBS's "60 Minutes."

 

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,920.00 120,695.00
119,450.00
-315.00
-0.26%
BRENT CRUDE 69.02 69.17
68.98
-0.19
-0.27%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 106.60
106.50
-2.20
-2.02%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.75 66.99
66.70
-0.23
-0.34%
SUGAR #11 WORLD 16.31 16.67
16.27
-0.26
-1.57%

Chart of the Day


Latest News
July 15, 2025 at 06:16 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 14, 2025 at 05:26 PM GMT+05:00

Gold price in Pakistan rises Rs1,600 per tola


July 14, 2025 at 04:59 PM GMT+05:00

Tax reforms focus on public ease, transparency


July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg