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Covid is pushing New Zealand into its worst recession in years

Image rights Getty Images New Zealand is in its deepest recession in decades after tough measures were taken in response to the widely lauded Covid-19 pandemic. The country’s GDP contracted 12.2% between April and June when the lockdown and border closings occurred. It is New Zealand’s first recession since the global financial crisis and the worst since 1987 when the …

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Seeing no more recession, fund managers are starting to shift to industrial and value stocks, a Bank of America survey found

This file photo taken on Aug. 24, 2020 shows an aerial view of freight containers waiting to be loaded at the terminals of the port of Gothenburg, a busy shipping center on Sweden’s west coast. Jonathan Nackstrand / Agence France-Presse / Getty Images According to the latest reading of Bank of America’s popular fund managers survey, fund managers are turning …

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Australia is entering its first recession in nearly 30 years

SYDNEY, Australia – Australia’s economic engine has been running smoothly for almost three decades. Relying on rich natural resources, rapidly growing trade with Asia, talented workforce and buoyant immigration rates, the country could not even stumble during the 2008 global financial crisis. But the nation, sometimes known as “The Lucky Country,” couldn’t avoid the ravages of Covid-19. On Wednesday, Australia …

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Australia in its first recession in nearly 30 years

Image rights Getty Images The Australian economy has entered its first recession in nearly 30 years as it suffers from the economic fallout from the coronavirus. The gross domestic product (GDP) fell by 7% from April to June compared to the last three months. This is the largest drop since records began in 1959, after a 0.3% drop in the …

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Global Recession: Which Major Economies Fared Worst?

On Friday Canada, along with France, Germany, Italy, Japan, the United Kingdom and the United States, reported that its economy contracted dramatically in the first half of 2020 due to the pandemic. Canada’s economic output contracted 11.5% between April and June, the sharpest drop in records since 1961. Now, six months after the coronavirus outbreak began to accelerate rapidly outside …

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The Fed’s Esther George sees the risk of a double-dip recession

Kansas City Federal Reserve President Esther George said the recession that started in February could revive the economy if the coronavirus pandemic deepens. “A major risk to this outlook is thinking about what will happen in the fall, whether the virus will reappear, which would lead to an additional pullback in the economy,” the central bank official told CNBC in …

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Economists see the chance of a double-dip recession, polls show

People line up outside a Kentucky Career Center in hope of assistance with their unemployment claims in Frankfort, Kentucky on June 18, 2020. Bryan Woolston | Reuters According to a majority of economists polled by the National Association for Business Economics, there is a one in four chance the economy will fall into a double recession. Two-thirds of NABE members …

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We will be stuck in this recession for years, say economists

About half of the members of the National Association of Business Economists expect US gross domestic product – the broadest measure of the economy – not to return to pre-pandemic levels until 2022. A majority of these experts also say that the US labor market will return to February levels in 2022 at the earliest. Almost 80% say there is …

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The UK recession is the worst of any major economy

This April-June decline in GDP is the worst since quarterly records began in 1955, following a 2.2% decline in the first quarter. Industries hardest hit by government lockdowns to contain the coronavirus pandemic – services, manufacturing and construction – saw record declines. “Today’s figures confirm that there are difficult times here,” said UK Treasury Secretary Rishi Sunak in a statement. …

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