The US is slashing its forecasted oil output as demand tanks and investors hope for Thursday's OPEC+ meeting to bring further easing.
NEW YORK: Oil slumped on Tuesday in the face of swelling crude supplies and weak fuel demand due to the coronavirus pandemic, while investors also grew cautious over expectations that the world's biggest producers would quickly agree on output cuts.
COLOMBO, April 7 (Xinhua) -- The Sri Lankan government, on Tuesday said it had not imposed any restrictions on exporting tea, coconut and rubber as these were vital export crops which would help boost the country's economy.
The shock to the global economy from COVID-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression. In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10%, and GDP contracted at an annualized rate of 10% or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialized in three weeks.
WASHINGTON (REUTERS) - The International Monetary Fund on Monday (April 6) cited limited but encouraging signs of recovery in China, the first country to suffer the brunt of the Covid-19 pandemic, but said it could not rule out a resurgence of the pandemic in China and elsewhere.
The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis. The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments.