Since the outbreak of the COVID-19 pandemic India’s apex bank, the Reserve Bank of India, has infused liquidity worth $125 billion into the economy to stabilise financial markets. Central banks the world over have pumped $9 trillion into the global economy amid the pandemic. India’s apex bank RBI on Friday said the country’s economic growth, measured as Gross Domestic Product (GDP), is likely to contract by 9.5 percent in the current financial year (April 2020-March 2021). The growth projections were made by the Reserve Bank of India (RBI) Governor Shaktikanta Das while announcing the key lending rates, which remained unchanged […]
Recession
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The Indian economy nose-dived between April and June this year, with gross domestic product growth contracting 23.9 percent in the quarter that saw a strict lockdown due to the pandemic. In January – March this year, the country witnessed GDP growth of 3.1 percent. Maintaining that the South Asian economic situation is worse than ever, the World Bank on Thursday said India’s gross domestic product (GDP) is expected to contract by 9.6% in the current financial year (April 2020 – March 2021) due to the national lockdown and pandemic shock. In its latest report – South Asia Economic Focus – released […]
Prime Minister Narendra Modi announced a $266 billion stimulus package on 12 May to help the economy and industries tide over the disruption caused by the COVID -19 pandemic. The country’s top bank, RBI, also pumped in liquidity worth $125 billion to maintain stability in the domestic financial markets. India’s Finance Minister Nirmala Sitharaman has said the country’s economy will continue to face “challenges of different nature” with no clear-cut end date for the pandemic and no sure-shot vaccine against the coronavirus in sight. In an interview with The Indian Express, Sitharaman said uncertainty is laying in the mind of big […]
Next year will be brutal for the US currency, according to Yale University senior fellow Stephen Roach. He said that his “seemingly crazed idea” that the dollar will crash shouldn’t seem so crazy anymore. “We’ve got data that’s confirmed both the saving and current account dynamic in a much more dramatic fashion than even I was looking for,” Roach told CNBC. According to him, “The current account deficit in the United States, which is the broadest measure of our international imbalance with the rest of the world, suffered a record deterioration in the second quarter.” He added that “The so-called net-national […]
Caroline Wells and her family at their new home outside San Antonio. The builders just finished it so the yard has yet to be planted, but the couple is looking forward to letting the kids run out their energy with a lot more outdoor space than they had at their previous home in the city. Trisha Kosub hide caption toggle caption Trisha Kosub Caroline Wells and her family at their new home outside San Antonio. The builders just finished it so the yard has yet to be planted, but the couple is looking forward to letting the kids run out their […]
UK public debt has exceeded 100% of gross domestic product for the first time since 1963, breaching £2 trillion ($2.6 trillion) following the government’s £26.7 billion ($34.9 billion) borrowing in July. Economists have explained how Britain found itself under such a massive debt burden and whether they can get it under control. “Debt at the end of July 2020 was 100.5% of gross domestic product (GDP), an increase of 20.4 percentage points compared with the same point last year”, the Office for National Statistics (ONS) reported on Friday. The government is stepping up borrowing to cope with the devastating effects of […]
Trump administration asks Supreme Court to strike down Obamacare amid pandemic, recession by Sahil Kapur/NBC news WASHINGTON — The Trump administration is asking the Supreme Court to wipe out Obamacare, arguing that the individual mandate is unconstitutional and that the rest of the law must be struck down with it. The late-night brief, filed Thursday in the middle of the coronavirus pandemic, carries major implications for the presidential election. If the justices agree, it would cost an estimated 20 million Americans their insurance coverage and nullify protections for pre-existing conditions. The Trump administration’s brief comes as the U.S. has recorded more than 120,000 deaths from COVID-19, with […]
Rebuilding After Recession: A Plan For Jobs By Janet Williamson, TUC. June 25, 2020 Rebuilding After Recession: A Plan For Jobs2020-06-252020-06-25https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2017/06/Solar-Install-Top2-e1496763632969-150×99.jpg200px200px Above photo: Workers installing solar panels from Oxfam International/flickr. Key findings Research carried out for the TUC by Transition Economics reveals that fast-tracking spending on projects such as broadband, green technology, transport and housing could deliver a 1.24 million jobs boost by 2022. The analysis shows that projects which could create jobs include: Investment in high-speed broadband: this could help create over 40,000 new jobs Research and development in de-carbonizing technology in manufacturing: this could help create over 38,000 new jobs Expanding and upgrading the rail network: this could help […]
New Delhi (Sputnik): The Indian economy has been slowing down since 2018, courtesy of the US-China trade war and instability in domestic financial markets. From over 8 percent in 2018, growth has more than halved to 3.1 percent in Jan-March 2020. In a historic first for India, retail prices of diesel per litre have surpassed that of petrol, a development that analysts believe is likely to pose challenges for sectors like agriculture, transport, and logistics, as well as the overall economy. The timing for the hike in diesel prices could not have been worse for the economy and especially agriculture, as they have […]
MOSCOW (Sputnik) – The coronavirus epidemic has dealt a huge blow to the global economy, provoking global recession, Russian President Vladimir Putin said on Tuesday. “The epidemic dealt a severe blow to the global economy. Trade, the work of enterprises, and cooperation ties seemed to have stumbled upon a wall of quarantines and restrictions,” Putin said in his address to the nation. “Essentially, a global recession has begun, a recession in the global economy,” he added. The Russian economy has not come back in full force yet, the unemployment has grown, Putin said. He recalled the support package devised for the […]
https://cdn1.img.sputniknews.com/img/107956/05/1079560550_0:0:3072:1728_1200x675_80_0_0_72beddc34d60c7c8eb5e2d2bb6392479.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/business/202006091079560516-us-officially-fell-into-recession-in-february-amid-coronavirus-pandemic-economic-bureau-says/ WASHINGTON (Sputnik) – The National Bureau of Economic Research said in a report that the United States officially fell into a recession in February when the country began to feel the effects of the measures imposed to fight the novel coronavirus outbreak. “The Business Cycle Dating Committee has determined that a peak in monthly economic activity occurred in the US economy in February 2020”, the report said on Monday. “The peak marks the end of the expansion that began in June 2009 and the beginning of a recession”. The Bureau said the economic growth […]
A man copies phone numbers posted on the locked doors of a Georgia Department of Labor office in in Norcross, Ga. Millennials are facing the second — or even third — economic downturn of their adult lives. John Bazemore/AP hide caption toggle caption John Bazemore/AP A man copies phone numbers posted on the locked doors of a Georgia Department of Labor office in in Norcross, Ga. Millennials are facing the second — or even third — economic downturn of their adult lives. John Bazemore/AP Millennials might be getting a queasy sense of déjà vu right now. Another economic crisis – like […]
14 per cent of Small and Medium-Sized businesses won’t have enough cash ‘to last four weeks of lockdown’, according to the latest business survey conducted by two country-wide accountancy networks with tens of thousands of members. 99 per cent of all UK employment is within Small and Medium-Sized Enterprises (SMEs), businesses employing 250 people or less. The Association of Certified Charters Accountants (ACCA) UK and the Corporate Finance Network (CFN) produce weekly reports tracking the financial health of SMEs in the UK amid the COVID-19 lockdown. ACCA UK explains to Sputnik that while there has been much effort from the government […]