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Economy

AP News | Equities.com |

BRUSSELS (AP) — The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus as it released its first official estimates of the damage the pandemic is inflicting on the bloc’s economy.The 27-nation EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021. The group of 19 nations using the euro as their currency will see a record decline of 7.75% this year, and grow by 6.25% in 2021, the Europe...


Reuters | Equities.com |

WASHINGTON (Reuters) - The U.S. trade deficit increased by the most in more than a year in March as a record drop in exports offset a shrinking import bill, suggesting the novel coronavirus outbreak was upending the global flow of goods and services.Other data on Tuesday showed the tough measures to slow the spread of COVID-19, the respiratory illness caused by the coronavirus, pushed the nation’s vast services ...


AP News | Equities.com |

WASHINGTON (AP) — The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic.Treasury said Monday that the $2.99 trillion it plans to borrow this quarter will far surpass the $530 billion quarterly borrowing it did in the July-September 2008 quarter as it dealt with the 2008 financial crisis.The extraordinary sum of $2.99 trillion of borrowing in a single qua...