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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
Sun Journal
Location
New Bern, North Carolina, United States of America
Date
May 14, 2020
Page
6
The United Nations forecasts a 3.2 percent drop in world GDP for 2020, the steepest since the 1930s, with nearly $8.5 trillion in lost output over two years. The report notes death tolls near 300,000 and a drastic change in outlook since January.
Dubai built as a global trade hub now confronts a health crisis and a deep economic downturn. Skyscraper city relies on Emirates and state-linked firms, facing 9.2 billion in debt due this year and 30.6 billion by 2023. Analysts warn the downturn could outpace prior bailouts.
Despite record unemployment, consumer bankruptcies fell last month as courts remained largely closed. Experts warn filings could surge with 20 million jobless in April and 200,000 added filings tied to million-plus job losses. Congress debates relief and bankruptcy reforms for accessibility and costs.
Britain faces a deep recession after official data show a 2 percent quarterly drop and a 5.8 percent fall in March as lockdown began. Bank of England warns of the biggest annual slump since 1706, with unemployment rising and millions economically inactive. Prime Minister Johnson imposed nationwide restrictions March 23.
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