Amid the general economy shrink, millions of people will lose their jobs
UK & US stock markets face biggest downgrade since 1987. Source: pixabay.com
According to LearnBonds, stock markets in the UK and the US suffered their worst 3 months of trading since the 1987 crash.
Along with that, the forecast slashed the idea of global growth this 2020 since the measures the governments are taking in response to the pandemic slow the economies down.
Besides, the statement highlighted that the American economy is expected to shrink by an annualized 34% in the Q2 2020. As to the unemployment rate, it will exceed 15% by the middle of the year, meaning that 47 million Americans could lose their jobs.
These forecasts come despite hundreds of billions pledged by governments to support citizens and businesses amid the pandemic. Earlier, the White House signed the largest in the country’s history a $2 trillion stimulus package in response to the outbreak.
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