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Women tended to be affected more than men. [110][111] On 9 March, most global markets reported severe contractions, mainly in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia. [225] The speed with which the coronavirus pandemic is evolving has necessitated another round of huge cuts to our GDP forecasts. [300], Property investment sales in Singapore fell 37 per cent to $3.02 billion in the first quarter of this year from the previous three months as the pandemic took its toll on investor sentiment, a report from Cushman & Wakefield on 13 April showed. December 11, 2020. )[236][237] On 8 May, the Bureau of Labor Statistics reported a U-3 unemployment (official unemployment) figure of 14.7%, the highest level recorded since 1941, with U-6 unemployment (total unemployed plus marginally attached and part-time underemployed workers) reaching 22.8%. The predictions are now coming in thick and fast. [316], On 19 March 2020 the Bank of England cut the interest rate to a historic low of 0.1%. [282], As 90% of the government income comes from oil, it will be extremely heavily hit by the drop in prices. [335] The German automotive industry is coming into the crisis after having already suffered from the Dieselgate-scandal, as well as competition from electric cars. Fitch Ratings-London-02 April 2020: A deep global recession in 2020 is now Fitch Ratings' baseline forecast according to its latest update of its Global Economic Outlook (GEO) forecasts. Experts' predictions about recessions, 2020 presidential election: What today's news means for your money Economists predict when the current recession might end, while stock strategists look ahead to market turbulence around the 2020 presidential election. So stores are filing for bankruptcy", "Many of the world's airlines could be bankrupt by May because of the COVID-19 crisis, according to an aviation consultancy. [177], The US's Dow Jones Industrial Average and S&P 500 Index suffered from the greatest single-day percentage fall since the 1987 stock market crash, as did the UK's FTSE 100, which fell 10.87%. Some predict one outright. [48], The China–United States trade war occurred from 2018 to early 2020, and caused significant damage across global economies. Fears of the Russian–Saudi Arabian oil price war caused a plunge in U.S. stocks, and have had a particular impact on American producers of shale oil. However, the government also stated an intention to create 9 million new urban jobs until the end of 2020. The worst … See which states have been hit the hardest", "Unemployment cases jump in the United States", "Remote opportunities released by California State University", "ILO: COVID-19 causes devastating losses in working hours and employment", "UK economy could shrink by 35% with 2m job losses, warns OBR", "Unemployment forecast to soar to highest rate in almost 30 years", "Spain's jobless rate is set to surge much more than in countries like Italy", "Covid stops many migrants sending money home", "Coronavirus pandemic will cause global famines of 'biblical proportions,' UN warns", "Consumer Attitudes And Behavior Will Change in the Recession, And Persist When It Ends", "The $1.5 Trillion Global Tourism Industry Faces $450 Billion Collapse in Revenues, Based on Optimistic Assumptions", "Stock Market Crash 2020: Everything You Need to Know", "Wild stock-market swings are 'emotionally and intellectually wearing' on Wall Street", "Corporate bonds and loans are at the centre of a new financial scare", "April 2020 Global Debt Monitor: COVID-19 Lights a Fuse", "Transcript of October 2019 Global Financial Stability Report Press Briefing", "Companies With High Debt Are Paying a Price", "The World Economy: Synchronized Slowdown, Precarious Outlook", "Opinion: Here's what is really causing the global economic slowdown", "A Strange New World: Economic Slowdown, Liquidity Issues", "Dow, S&P 500 set for worst May tumble in nearly 50 years amid U.S.-China trade clash", "Household debt up 7.4% in 2019 amid economic woes", "Coronavirus could cause more countries to default on their debt, economist says", "Statement Regarding Monetary Policy Implementation", "The Trade War, Paused for Now, Is Still Wreaking Damage", "Trump's Trade War With China Is Officially Underway", "Findings of the Investigation into China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation Under Section 301 of the Trade Act of 1974", "U.S. manufacturing was in a mild recession during 2019, a sore spot for the economy", "China–US trade war: Sino-American ties being torn down brick by brick", "For the U.S. and China, it's not a trade war anymore – it's something worse", "NDR 2019: Singapore will be 'principled' in approach to China–US trade dispute; ready to help workers", "Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%", "IMF – The "Great Lockdown" Is Set To Triggers The World's Worst Recession Since The 1929 Great Depression", "Great lockdown as bad as Great Depression: IMF", "Shadow of Brexit still looms over economy: experts debate the data", "How has Brexit vote affected the UK economy? [298] The economy slipped in technical recession after a 16.5% decline was recorded in the second quarter. [14] It has caused severe repercussions for economies across the world,[15] following soon after a global economic slowdown during 2019 that saw stagnation of stock markets and consumer activity worldwide. [128] Oil prices fell 22%,[129] and the yields on 10-year and 30-year U.S. Treasury securities fell below 0.40% and 1.02% respectively. [341][342], Shopping centers and other retailers around the world have reduced hours or closed down entirely. [146] In Pakistan, the PSX saw the largest ever intra-day plunge in the country's history, losing 2,302 points or 6.0%. As many businesses have filed for bankruptcy and closure, Economies across the globe are failing. Deutsche Bank: "The worst global recession since World War II" ap. In hindsight – which admittedly, no one had in 2008 – it was the best year to buy stocks in decades. 99¢ NC. [45] Economists[who?] World Bank predicts Nigeria’s recession could last up to 2023 In a report titled: “Rising to the Challenge: Nigeria’s COVID response” and released by World […] Here are our bold predictions for the trends and styles that will dominate the housing market in the first year of the next decade. [253], Australia before the recession was suffering from an unusually severe and expensive bushfire season which damaged the economy and domestic trade routes. Insurance claims arising from property damage suffered in rioting is still being assessed, but is thought to be significant, perhaps record-breaking. Collect. [96], In early April 2020, Saudi Arabia and Russia have agreed to oil production cuts. [336], The demand shock to oil was so severe that the price of American oil futures contracts became negative (bottoming out at $-37.63 per barrel on the West Texas Intermediate), as traders started paying for buyers to take the product before storage capacity ran out. Neither your financial plan, nor your financial decisions, should be driven by current events – whether recession or otherwise.”, Strategies to Prepare to Survive and Thrive in the Next Recession. That’s the absolute worst strategy, and I spent a lot of time walking people off that ledge. That’s more important in recessions than ever, because you can buy stocks at depressed prices. If you can’t pay off all your debts, pay off or pay down as many as you can. Mortgage applications fell 30% in April 2020 versus April 2019. Certain jobs were less suitable for remote work, e.g. Click to find out . 2. [238], Restaurant patronage fell sharply across the country,[239] and major airlines reduced their operations on a large scale. [351][352] However, because of the lockdown implemented to slow down the spread of the virus before the time of the first protests unemployment rose suddenly in less than one month leaving over 21 million without a job in the US only (from 3+% to 14+%), which also supported the circumstances needed for long lasting protests. [192][193][194], Dow futures tumbled more than 1,000 points and Standard & Poor's 500 futures dropped 5%, triggering a circuit breaker. 7 financial heavyweights have unveiled forecasts for a sudden US recession. The 2020–21 Budget will be handed down on 6 October, delayed from May. [266], As of April 2020, up to a million people have been laid off due to effects of the recession. [127] The NASDAQ Composite, also in the United States, lost over 620 points. [147] In India, the BSE SENSEX closed 1,942 points lower at 35,635 while the NSE Nifty 50 was down by 538 points to 10,451. [148], The Washington Post posited that pandemic-related turmoil could spark a collapse of the corporate debt bubble, sparking and worsening a recession. There are a couple of things we all need to keep in mind at the onset of a recession. [218], Namibia's central bank sees the nation's economy shrinking by 6.9%[220] This will be the biggest shrink of GDP since its independence in 1990. The tourism and hospitality industries has accounted for N$26 billion being lost as 125 000 jobs have been affected. [34][35] In the world's eight largest economies–China, the United States, Japan, the United Kingdom, France, Spain, Italy, and Germany–total corporate debt was about $51 trillion in 2019, compared to $34 trillion in 2009. After all, for the majority of people their property is where they hold the most equity, so it’s no surprise that it's a hot topic. [18][19] At present, over 10 million unemployment cases are filed in the United States. [326] On 13 May, the Office for National Statistics announced a 2% fall in GDP in the first quarter of 2020, including a then-record 5.8% monthly fall in March. Getty. [281] However the prediction later turned out to be wrong. They shouldn’t have an affect on your long-term game plan. The economy shrinks by 3% in the first quarter of 2020, followed by an unprecedented 25% decline in the three months to June. because they involve working with people closely or with particular materials. The 38th depression, 9th typhoon and 3rd super typhoon of the 2019 Pacific typhoon season, it was the strongest typhoon in decades to strike mainland Japan, and one of the largest typhoons ever recorded at a peak diameter of 825 nautical miles (950 mi; 1529 km). 3 seconds ago. But if you’re still working, and contributing to your 401(k) plan, you need to keep investing for the long-term. Finance Minister Grant Robertson vowed that the Government would keep the unemployment rate below 10%. That includes 45% who report having no savings that all. The governments of several countries, including China and the United States, have taken steps to address some of the damage caused by a deterioration in China–United States relations and tit-for-tat tariffs. [354][355] Curfews instated by local governments – in response to both the pandemic and protests – have also "restricted access to the downtown [areas]" to essential workers, lowering economic output. Most economists believed a recession, though one which would not be particularly severe, was coming. [38], During 2019, the IMF reported that the world economy was going through a "synchronized slowdown", which entered into its slowest pace since the Great Financial Crisis. Experts' predictions about recessions, 2020 presidential election: What today's news means for your money Economists predict when the current recession might end, while stock strategists look ahead to market turbulence around the 2020 presidential election. [263], The unemployment level of 5.1% is projected to rise to a 25-year high of 10.0%, according to Treasury data released in April 2020. The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. US stock markets suffered from the greatest single-day percentage fall since the 1987 stock market crash. Is it possible to recession-proof your career and finances? [57][58], In Europe, economies were hampered due to uncertainty surrounding the United Kingdom's withdrawal from the European Union, better known as Brexit. job recession Predictions Next Job Recession Astrology Predictions Expected to hit Anytime After January 2023. Published Mon, Aug 24 2020 2:10 PM EDT Updated Tue, Aug 25 2020 11:32 AM EDT. If you have little or no cash, even small unexpected expenses can turn into financial disasters. Whether credit cards, student loans, medical debts, or any other type of financing, the more you can eliminate, the fewer payments you’ll have. freepik. The media will be saturated with more stories of doom and gloom to feed into your insecurities. Sure, you might have to make some adjustments to your plan as your life unfolds and presents you with some decisions that need to be made. [130] Canada's S&P/TSX Composite Index finished the day off by more than 10%. Recession: IMF Predicts Nigeria’s Early Exit Next Year. [233][234], Starting in March 2020, job loss was rapid. In April 2020, it was already worse than the 2008 recession in its initial ferocity. [citation needed], From 24 to 28 February, stock markets worldwide reported their largest one-week declines since the 2008 financial crisis,[104][105][106] thus entering a correction. 30 % in April 2020, and I spent a lot of time people! 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