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COVID-19 economic impact to be 'unprecedented and long-lasting': OECD

The organisation forecasts a global recession of 6% in 2020 if the pandemic remains under control and of 7.6% if there's a second wave.

World News

EU saw sharpest GDP fall in more than a decade during lockdowns

Data released by eurostat shows a drop in GDP and employment across Europe - but one economist says it is too early to extrapolate trends from the numbers.

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Italian tour guides protest lack of economic support

Tour guides in Rome organised a flash mob in front of the Pantheon and a sit-in outside the Italian Parliament on Tuesday, in protest at what they see as a lack of government support for the tourism sector.

World News

Scientists suggest 'rolling lockdowns' to protect health and economies

It doesn’t sound like the kind of roller coaster anyone would like to go on – but what if to save their economies, some nations just went in and out of lockdown?

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World News

Bentley and Bombardier announce thousands of job cuts

Both cited the coronavirus crisis as a factor and it comes hot on the heels of other grim news regarding the economy.

Germany

Germany announces €130 billion stimulus package as unemployment rises

German Chancellor Angela Merkel said her left-right coalition has come up with a "bold response" that will boost consumer spending, invest in innovation and ease the financial strain on citizens.

Spain

Nissan shuts Barcelona plant as COVID-19 drives car giant into the red

Spain's government urged the Japanese car giant to reconsider, saying its decision would cost 3,000 jobs.

Economy

EU's financial 'firepower' is 1.85 trillion with 750bn for COVID fund

Of the 750 billion euro recovery fund, the 500 billion euros would be given to EU countries as grants, the remaining 250 billion euros would be available as loans."

Europe News

EU countries split over size and conditions for coronavirus recovery

As the European Commission prepares to announce its recovery fund and new EU budget to help the economy rebound from the pandemic, the 'frugal four' have called for Brussels to be 'realistic' on the size and conditions for funding.

World News

Coronavirus: how much is the world economy expected to shrink?

The world economy is expected to suffer triple the damage it sustained after the 2008 financial crisis, and then struggle to regain traction.

World News

Coronavirus: Summer without festivals results in millions in losses

Festival organisers admit they didn't foresee a pandemic scenario but for next year's editions, they'll have backup plans

USA

Donald Trump gives US state governors options on how to reopen economy

The new guidelines are aimed at easing restrictions in areas with low transmission of the coronavirus, while holding the line in harder-hit locations.

World News

Browse the winning images from World Press Photo 2020

The winners of World Press Photo 2020 have been announced. Check out work from some of the world's leading photojournalists here.

World News

COVID-19: World economy in 2020 to suffer 'worst year since 1930s'

The International Monetary Fund has given a bleak assessment in its World Economic Outlook briefing on COVID-19.

World News

IMF declares global recession

The IMF has declared a global recession and urged countries in need of financial help to request it sooner rather than later

Economy

What are 'corona bonds' and how can they help revive the EU's economy?

They've been put forward as a way of financing the coronavirus fight and rebuilding economies. But what are 'corona bonds'?

World News

Euroviews. Coronavirus could lead to a sustainable society better equipped to tackle future problems ǀ View

A sustainable society is an inherently resilient society with a broad-based economy, making it much better equipped to face a pandemic threat than a globalised, grow-forever consumer society.

Europe News

How should the EU mitigate the coronavirus economic downturn?

The EU is looking at different ways of how to help businesses and workers weather the economic storm created by coronavirus uncertainty.

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Travel fears, 2020 motor offerings and running a private members club

Partner content presented by Department of Tourism and Commerce Marketing Dubai

Business line looks at why is the coronavirus making some travellers nervous, what are the automotive offerings for 2020, and what does it take to run a successful private-members’ business club.

France

Coronavirus: Macron strolls Champs Elysées in 'message of confidence'

Emmanuel and Brigitte Macron walked hand-in-hand on Paris' Champs-Elysees on Monday "to send a message of confidence to the French economy" amid coronavirus.