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Goldman says downturn will be 4 times worse than housing crisis, then an ‘unprecedented’ recovery
The global economic hit from the coronavirus crisis will likely be four times worse than the financial crisis and the U.S. will see its highest unemployment rate since World War II, according to a Goldman Sachs forecast.Read more
With most of the world’s developing economies on a near total shutdown to try to stop the coronavirus spread, Goldman sees a second-quarter GDP decline of 11% from a year ago and 35% from the previous quarter on an annualized basis.
California Gov. Gavin Newsom unveils guide to lifting state’s coronavirus restrictions
California Gov. Gavin Newsom announced Tuesday a guide to how Californiawill reopen society and the economy across the state as officials weigh lifting restrictive orders meant to curb the spread of the coronavirus.Read more
Newsom became the first governor to issue a statewide stay-at-home order on March 19. He said Tuesday that the order and similar policies have successfully minimized California’s Covid-19 outbreak, which has infected more than 22,348 people across the state and killed at least 687 people in California as of Sunday, according to California Health and Human Services.
Will you have to pay back the coronavirus stimulus check? Plus 6 other stimulus myths debunked
The IRS began depositing coronavirus stimulus relief checks this week to some eligible Americans. But questions about the payments, including how quickly Americans will actually receive them, still abound.Read more
Below, CNBC Make It clarified seven myths about the stimulus checks. Here’s what you need to know, from whether or not they are taxed to how long it will take for them to hit your bank account.
Turkey’s economy is in trouble as experts worry it could become a new coronavirus hotspot
Turkey is on shaky ground and its currency depreciating as controversial monetary moves and fast-rising coronavirus cases threaten to plunge an already fragile economy into much more danger.Read more
The country of 82 million is one of the few in Europe that hasn’t implemented a mandatory nationwide lockdown, something its president Recep Tayyip Erdogan has so far avoided in hopes of shielding the economy.
Trump halts US funding for World Health Organization as it conducts coronavirus review
The U.S. will suspend funding to the World Health Organization while it reviews the agency’s response to the Covid-19 pandemic, President Donald Trump announced Tuesday, saying the international health agency made mistakes that “caused so much death” as the coronavirus spread across the globe.Read more
“Today I’m instructing my administration to halt funding of the World Health Organization while a review is conducted to assess the World Health Organization’s role in severely mismanaging and covering up the spread of the coronavirus,” Trump said at a White House press conference.
When will life return to normal? Health experts on a possible exit strategy to the pandemic
The fast-spreading coronavirus has prompted many countries around the world to effectively shut down in order to contain the outbreak.Read more
The draconian measures have placed massive restrictions on the daily lives of hundreds of millions of people, from so-called lockdowns and school closures to strict regulations on social distancing and bans on public gatherings.