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The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
Since China is the second largest economy in the world and property makes up a large amount of their GDP, it threatens to destabilise the COVID-19 recession even further, especially considering China is currently deep within a housing bubble eclipsing the United States housing bubble that led to the previous global recession.
The COVID-19 recession was a major global economic crisis which has caused both a recession in some nations, and in others a depression. It is currently the worst global economic crisis in history, surpassing the impact of the Great Depression. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic.
While mending the underlying public health crisis that is driving the downturn could lead to a quicker recovery, scarring effects could worsen until that happens.
Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth. It’s blown past many predictions coming into last year that a ...
The NBER officially calls U.S. recessions, and data from Bank of America shows why this group won't be in a rush to declare the U.S. economy in recession.
The economic impact of the COVID-19 pandemic in the United States has been widely disruptive, adversely affecting travel, financial markets, employment, shipping, and other industries. The impacts can be attributed not just to government intervention to contain the virus (including at the Federal and State level), but also to consumer and ...
Fears of a U.S. recession moved from the worry stage to the reality stage late last week, according to a Federal Reserve tracker that says the recession has already begun. See: 10 Things You Should...