The fiscal year 2020-21, is likely to be one of the most challenging years in recent decades. However, governments can minimise the impact of COVID-19 and the possible recession by being proactive and micro-managing situations.
Australia will spend A$16.8 billion ($11.8 billion) to extend its wage subsidies for businesses hit by the coronavirus pandemic, as a surge in new infections in the country’s southeast threatens to keep the economy in recession.
France is faring worse than Germany, Europe’s largest economy, which on Thursday reported a 10.1% plunge in GDP during the April-June period as its exports and business investment collapsed.
The contraction, triggered by one of Europe's strictest coronavirus lockdowns, was worse than the 16.6% expected by analysts. It came after a 5.2% drop in the first quarter, dragging Spain into its steepest recession ever, at a record pace.
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.
The economy shrank by 8.9 per cent in the second quarter because of the effects of the coronavirus lockdown, after a contraction of 0.4 per cent in the first quarter.
Four successful industry captains from sectors as varied as aerospace manufacturing, food packaging, healthcare and research and innovation in Sharjah revealed their strategy for survival and growth
The mainland economy, which excludes oil and gas production, shrank by 6.3% in the April-June period from the preceding three months, lagging a forecast of minus 6.1% in a Reuters poll of economists.
With vast swathes of the domestic and global economy shut down to contain the deadly disease, business activity suffered a catastrophic drop — despite authorities providing billions of dollars in support — not even witnessed during the global financial crisis.