Coronavirus live news: Africa passes 200,000 confirmed cases after Burundi president dies of suspected Covid-19
Asylum applications in Europe fall to lowest level for a decade as borders closed; world faces worst food crisis in 50 years
- Burundi president dies of illness suspected to be coronavirus
- EU says China behind ‘huge wave’ of Covid-19 disinformation
- Fauci: coronavirus pandemic that ‘took over the planet’ is far from over
- WHO urges Pakistan to return to lockdown as hospitals struggle
- UK coronavirus updates – live
Nearly all economic and social activities have resumed in Malaysia, after nearly three months in pandemic lockdown apparently successfully contained transmission of coronavirus.
Malaysians can now travel for domestic holidays, get haircuts and shop at street markets, the Associated Press reports. Schools and religious activities also will gradually resume.
The global economy will contract at least 6% this year, with the unprecedented loss of income and “extraordinary uncertainty” caused by measures to contain the coronavirus outbreak, the Organisation for Economic Cooperation and Development has said.
In the case of a second wave of contagion later in the year, economic output could shrink by as much as 7.6 percent, it warned. In both scenarios, recovery will be “slow and uncertain”.
The lockdown measures brought in by most governments have succeeded in slowing the spread of the virus and in reducing the death toll but they have also frozen business activity in many sectors, widened inequality, disrupted education and undermined confidence in the future.
As restrictions begin to be eased, the path to economic recovery remains highly uncertain and vulnerable to a second wave of infections.
As #COVID19 restrictions begin to be eased, the path to economic recovery remains highly uncertain and vulnerable to a second wave of infections.
Read more in our #EconomicOutlook ➡️ https://t.co/HLrGXh0cRN pic.twitter.com/KFUOMA8Pqh
Our #EconomicOutlook focuses on two equally likely scenarios:
1⃣ The virus recedes and is brought under control
2⃣ A second outbreak hits before the end of 2020, triggering a return to lockdowns
Discover our GDP projections by country ➡️ https://t.co/HLrGXh0cRN #COVID19 pic.twitter.com/FNJtrMk2E1
With or without a second #COVID19 outbreak, the consequences will be severe & long-lasting.
Strengthening healthcare systems and supporting people & businesses to help adapt to a changing world will be crucial. See our recommendations ➡️ https://t.co/HLrGXh0cRN #EconomicOutlook pic.twitter.com/eMsQKLc2KD
The global economy is now experiencing the deepest recession since the Great Depression in the 1930s, with GDP declines of more than 20% and a surge in unemployment in many countries. Even in countries where containment measures have been relatively light, early data are already making clear that the economic and social costs of the pandemic will be large.
Growth prospects depend on many factors, including how Covid-19 evolves, the duration of any shutdowns, the impact on activity, and the implementation of fiscal and monetary policy support. Uncertainty will likely prevail for an extended period.
Related: UK economy likely to suffer worst Covid-19 damage, says OECD
Continue reading…