Overseas Headlines – August 24, 2020

United States:

U.S. Recession Likely to End Late 2020 or 2021, NABE Survey Says

“The U.S. economy will emerge from the recession in the second half of this year or at some point in 2021, and a majority of economists said Congress needs to extend supplemental aid, according to a National Association for Business Economics survey. Two-thirds of panelists said the economy is still in the recession that started in February, while nearly 80% indicated that there is at least a one-in-four chance of a double-dip recession. The NABE survey summarizes the responses of 235 members and was conducted between late July and early August.”



U.K.’s Sunak Faces Tough Choices on Job Furlough Program

“Rishi Sunak’s tenure as U.K. Chancellor of the Exchequer is reaching a defining moment as he decides whether millions of workers living off government aid should soon begin fending for themselves in a crippled economy. In just over two months, his furlough plan that pays up to 80% of an employee’s salary will finish. Sunak has dismissed mounting pressure to extend the program, whose cost is about 35 billion pounds ($46 billion), albeit rising more slowly than before.”



Chinese Premier Says Economy Can Grow in 2020 If Jobs Target Met

“China’s economy can grow this year if the nation achieves its target of adding 9 million jobs, Premier Li Keqiang said in a visit to the western city of Chongqing. Li called on the nation to step up its efforts and prepare for uncertainties after the economy achieved positive results in recent months, according to a statement posted on the central government website on Sunday. China also targets that smaller companies and business operators could survive this year from the coronavirus outbreak and economic downturn.”




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