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Great Britain’s economy was seen dropping at its most rapid pace in centuries. This was mainly from the disruptions brought by the virus crisis on demand. However, it has a high chance of recovering from inactivity next quarter as more businesses resume operations, a Reuters survey showed.
The poll foresees a 17.3% contraction this quarter. This is milder than the 17.5% contraction forecasted in May. Forecasts ranged from a 6.3% drop to 25.5% as a second wave of COVID-19 infections remains to be the biggest threat to the economic outlook, according to over three-quarters of respondents to an additional question in the poll.
Median forecasts showed that the economy may decline a total of 19.0% in a worst-case scenario. But Prime Minister Boris has started lifting lockdowns, increasing hopes that the economy will recover with a 10.5% growth next quarter.
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
On Monday, the Australian Competition and Consumer Commission (ACCC) filed a case against Google (GOOGL) in federal court after allegations that the multinational technology company misled its consumers about the expanded use of their personal ...
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