China faces the worst economic losses since 1979, after shutting down the country to fight COVID-19.
The world’s second-largest economy shrank 6.8% from one year ago, and analysts say recovery could take longer than expected. The International Monetary Fund says China will eke out modest growth of 1.2% this year. The United States wiped out a decade of job gains, with 22 million workers applying for unemployment benefits. U.S. President Trump outlined plans Thursday to reopen the economy, but said the ultimate decision will come from individual states.
CGTN’s Nathan King has this report from the White House.
- Einar Tangen is an economic and political affairs commentator.
- Arthur Dong is a teaching professor with the McDonough School of Business at Georgetown University.
- Frank Sesno is the Director of the School of Media and Public Affairs at George Washington University.
While some U.S. states look to reopen, New York Governor Andrew Cuomo is extending his state’s stay-at-home order until May 15th. New York has suffered the worst losses with over twelve thousand deaths. I spoke with Doctor Saquib Rahim, a healthcare executive and Internal Medicine Physician about his experience on the frontlines.
China's economy shrinks as coronavirus hits world trade https://t.co/peVVbAH5U2
— Guardian Business (@BusinessDesk) April 17, 2020
Around the country, labs and public officials tell @AP that critical shortages in supplies such as swabs and chemicals make it impossible to increase COVID-19 testing to the levels needed to keep the virus in check and reopen the economy. https://t.co/NErS4IlX00
— The Associated Press (@AP) April 17, 2020