A closer look yields some grounds for optimism. The Economist has identified potential bubbles that account for around 35% of global GDP , 39% of all trade in goods and services and 42% of the world's spending on tourism. But the challenge of connecting them also underscores how hard restarting the global economy will be.
Simply returning borders to pre-virus days is, for now, inconceivable. Many health experts, first critical of travel restrictions, have come to view strict controls as useful, especially for places that have contained local infections. "Every inbound case is a potential seed that can grow into an outbreak," says Ben Cowling, an epidemiologist at Hong Kong University.
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The next big economic trend — disinflation: Morning Brief
As the U.S. economy continues to reel from shutdowns related to the coronavirus pandemic, the oldest worry in the economics world has begun to rear its head — should we be worried about inflation?
The data suggests no. On Tuesday, we learned the largest-ever monthly drop in consumer prices was recorded in April. And as Gregory Daco, chief U.S. economist at Oxford Economics said Tuesday, "A surge in inflation is the least of our worries."
Americans create new economic threat with their own savings - CNN
Stocks Fall as Powell Warns of Lasting Economic Damage - The New York Times
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here .
Stocks slid on Wednesday, Wall Street's second drop in two days, after the chair of the Federal Reserve warned of dire consequences if lawmakers don't do enough to protect the economy.
The downturn is " without modern precedent ," said Jerome H. Powell, the Fed chief. While the central bank has made efforts to limit the economic shock caused by coronavirus-related shutdowns, more financial support might be required from Washington to prevent lasting damage, he said.
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Expect double-digit unemployment rates for the rest of 2020, economists warn
Federal Reserve Chairman Jerome Powell on Wednesday warned the economic path the nation faces in the weeks and months ahead will be "highly uncertain and subject to significant downside risks."
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"Economic activity partly depends on what governments decide to shut down, but it also depends on consumers' fears to go out and spend," said Gad Levanon, vice president of labor markets at The Conference Board during a webinar Wednesday.
A record 23.1 million workers were unemployed in April, which pushed the U.S. unemployment rate up to 14.7%, its highest since the Great Depression. On May 22, Colorado's unemployment rate for April will come out, and it should be close to the U.S. rate.
Reasons for social immobility - Two leading economists disagree about the flagging American Dream
"It's like Rousseau [in 'The Social Contract']: 'Man is born free and everywhere he is in chains.' We just remove the chain of neighbourhood. And it's not that simple," says James Heckman, an economist at the University of Chicago, who has grown critical of the research and the implications drawn from it.
Mr Heckman acknowledges that there are clear differences in mobility according to neighbourhood. But the ultimate drivers could lie in family structure, parenting habits, exposure to crime or the quality of schooling. All these are difficult to derive from American tax-return data.
How COVID-19 can change the economics of professional leagues | More sports News - Times of
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Virus spikes could emerge weeks after US economic reopenings
U.S. states are beginning to restart their economies after months of paralyzing coronavirus lockdowns, but it could take weeks until it becomes clear whether those reopenings will cause a spike in COVID-19 cases, experts said Wednesday.
The outbreak's trajectory varies wildly across the country, with steep increases in cases in some places, decreases in others and infection rates that can shift dramatically from neighborhood to neighborhood.
"Part of the challenge is although we are focused on the top-line national numbers in terms of our attention, what we are seeing is 50 different curves and 50 different stories playing out," said Thomas Tsai, assistant professor at the Harvard Global Health Institute. "And what we have seen about COVID-19 is that the story and the effect is often very local."
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