Tag: economy

BUSINESS

Trinidad And Tobago Reports 10% Contraction In Economy

Trinidad and Tobago is reporting a 10 percent shrink in its economy resulting from the impact of the coronavirus pandemic. The twin island republic shut down its borders and required people to remain at home in an effort to curb the spread of the virus.   Prime Minister Dr. Keith Rowley said oil and gas production declined significantly. He said the […]

BUSINESS

Australia’s Economy Sinks Into Recession

The COVID-19 pandemic has pushed Australia’s economy into its first recession in nearly 30 years. The country’s gross domestic product (GDP) decreased by seven percent in the April-to-June quarter compared to the previous three months. A country’s economy is deemed to fall in recession after two consecutive quarters of negative economic growth. Australia was the only major economy to avoid […]

NEWS

Barbados Passes IMF Test

The International Monetary Fund (IMF) says Barbados has passed all the indicative targets under the Extended Fund Facility (EFF) to date and that good progress also continues to be made towards implementing structural reform under the facility. Bert van Selm, who led an IMF delegation that conducted a staff visit via videoconferencing over the past three days, says Barbados’ international […]

BUSINESS

COVID-19 Puts UK Economy In A Tailspin

U.K. economy, the sixth-largest in the world, is in a tailspin due to the COID-19 pandemic. U.K. Chancellor Rishi Sunak said the government is grappling with something new and unprecedented after figures showed the U.K. economy suffered its biggest slump on record. In the first half of 2020, GDP shrank by 22.6%, the deepest recession in U.K. history, and worse […]

BUSINESS

U.S. Unemployment Claims Drop

The number of Americans filing new claims for unemployment has fallen below one million for the first time since March. The unemployment claims dropped from nearly 1.2 million a week ago to about 963,000. The Labor Department said the figures have been subsiding since peaking at 6.9 million in late March, but they remain extremely high, driving the debate in […]

BUSINESS

U.S. Unemployment Still A Spot Of Bother

The COVID-19 pandemic continues to play havoc with the U.S. economy as unemployment numbers remain high. Although the rate fell from a high of 14.7% in April to 10.2% in July, it remains a concern. The high unemployment figures call for government intervention to boost economic activities. The Republicans and the Democrats continue to be at loggerhead on the role […]

BUSINESS

Gold Prices Up To A Record Level

Gold prices surge to a record high of $2,000 an ounce for the first time as traders look for places to earn value amid the pandemic. Investors have moved cash into the precious metal as Covid-19 cases rise in the U.S., and more money is pumped into the global economy. Prices of other precious metals, including silver, have also risen […]

NEWS

UN Alicia Bárcena — Bad Time For Latin America And The Caribbean

Alicia Bárcena, the head of the UN regional body for Latin America and the Caribbean (ECLAC) has raised concerns regarding the disproportionate impact that the pandemic is having on indigenous people in the region. “This is a bad time for this region: we are the epicenter of the pandemic, and extreme poverty rates are going up. Poverty is expected to […]

NEWS

White House Coordinator — COVID-19 Now More Widespread In U.S.

The U.S. is in a new phase in its fight against the coronavirus pandemic, according to White House coronavirus task force coordinator Dr. Deborah Birx. She said that the deadly virus is more widespread than when it first took hold in the U.S. earlier this year. “What we are seeing today is different from March and April. It is extraordinarily […]

BUSINESS

U.S. Consumer Confidence Takes A Nosedive

U.S. consumer confidence fell more than expected last month, given the resurgence of COVID-19 in many different states. The infectious plague continues to play havoc within the economy without any immediate end. The latest survey paints an ugly picture of consumers’ negative outlook on the economy’s prospects over the next six months. The consumer confidence index showed a drop of […]