Overseas Headlines – July 30, 2020

United States:

U.S. Economy Shrinks at Record 32.9% Pace in Second Quarter

“The U.S. economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has ravaged businesses across the country and left millions of Americans out of work. Gross domestic product shrank 9.5% in the second quarter from the first, a drop that equals an annualized pace of 32.9%, the Commerce Department’s initial estimate showed on Thursday.”



Germany’s Economic Slump Shows Scale of Europe’s Challenge

“Germany’s economy shrank the most in at least half a century in the second quarter, outlining the scale of the challenge facing Europe after the devastation of virus restrictions that slammed businesses and households.”



Thailand Sees 8.5% GDP Contraction as Virus Ravages Economy

“Thailand’s economy will likely contract 8.5% this year, worse than previously estimated and the biggest decline of any Asian nation this year. The Finance Ministry’s forecast, released Thursday in Bangkok, compares with a previous projection of 2.4% growth. The new estimate is more in line with the central bank, which expects gross domestic product to shrink 8.1%.”



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