World-Wide Recession According to the World Bank

Em in Ohio

Senior Member
Location
OH HI OH
June 9, 1:13 p.m. (Posted on the AccuWeather Site)
The coronavirus caused a "swift and massive shock" that has triggered the most broad collapse of the global economy since 1870, the World Bank said Monday In its latest Global Economic Prospects report, the World Bank said the economy is expected to shrink by 5.2 percent this year which is the worst recession in 80 years, AFP reported. It is said that the crisis could put up to 100 million people into extreme poverty. Economists have had a difficult time measuring the impact caused by the coronavirus to the world economy because of the sheer size of the impact across many different industries. The worst-case scenario as a result from the global recession would be contraction of 8 percent."This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges," World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, told AFP.
 

Em in Ohio

Senior Member
Location
OH HI OH
except the actual definition of a recession in america is two quarters of back to back negative gdp growth ...that has not happened
I did hear a quick mention about the US being in a recession by someone on the news (No definition). We certainly don't like the word or its implications. Time will tell.
 

Em in Ohio

Senior Member
Location
OH HI OH
Economist Jason Furman refers to the state of the US economy as a medically induced coma.

Whatever we choose to call it the result will be a widening of the gap between the haves and the have-nots at a time when tensions around the world are at an all-time high.
Sad, but true, Aunt Bea.
 

oldmontana

Member
Location
Montana
With so many people reluctant to adhere to the mask and distancing recommendations, this virus is showing signs of resurgence. This will ultimately lead to another "lockdown", and increased unemployment numbers. We are a LONG way from returning to anything Normal.
I see it happening were I live. Protesters not wearing masks and in the face of employees.

Whats so hard for people to protect others and themselves. We went through this with seat belts.

I see a world wide recession if we do not come up with a vaccination in the next 3 months.
 

Knight

Senior Member
I look at this as a reset of what is important. Life at this age means enjoying each day.

World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, told AFP.

Not particularly concerned about world recession. But it's fun enjoying trying to pronounce Pazarbasioglu .
 
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911

Well-known Member
Location
USA
A second shutdown would probably be devastating. I seriously doubt if this President would let that happen because even a financial nitwit like me even knows we could never allow that to happen.
 

CallmeIshmael

New Member
These next few years are going to be rough. A deep recession and a long slow recovery. The fed may be propping up the stock market, but a lot of people will be without jobs for a long time.
 


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