In the United States the latest government figures show 20.5 million people lost their jobs in April, raising the unemployment rate to 14.7%. Both are post-World War II records.
The European Union is now forecasting the worst economic outlook since the Great Depression. While China’s exports unexpectedly rose in April, as imports declined. But as the economic and human impact of the pandemic becomes clearer, there are hopeful signs as countries begin to slowly reopen.
To discuss the ongoing economic fallout from the pandemic:
- Frank Sesno is the director of George Washington University’s School of Media and Public Affairs.
- Qinduo Xu is a senior fellow at the Pangoal Institution and host of CGTN’s “Dialogue Weekend”.
- Yan Liang heads the economics department at Willamette University.
A dire new forecast predicts the 27-nation European Union will see its economy contract by 7.5% this year because of the coronavirus pandemic before starting to grow again next year. https://t.co/lNnJfCfLHY
— AP Business News (@APBusiness) May 6, 2020
BREAKING: Unemployment hits 14.7%, highest rate since the Depression, as U.S. shed 20 million jobs in April from viral outbreak. https://t.co/ZXGyHmNyv5
— The Associated Press (@AP) May 8, 2020
— Reuters (@Reuters) May 8, 2020