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US weekly jobless claims remain high as second wave of layoffs hits industries

Lucia Mutikani, Reuters
Posted at Jun 18 09:09 PM

A second wave of layoffs amid weak demand and fractured supply chains is keeping new US applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession. Read more »

Japan's Q1 GDP shrinks less than expected, faces steep recession

Kaori Kaneko, Reuters
Posted at Jun 08 09:10 AM

Japan's economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession. Read more »

Unemployment jump to show lockdown toll on Philippines: economist

ABS-CBN News
Updated as of Jun 04 10:24 AM

Unemployment likely soared during the virus lockdown, an economist said Thursday on the eve of the official data release, as the Philippines started easing restrictions. Read more »

Debt relief for poorest countries could extend beyond 2020, G7 says

Andrea Shalal, Reuters
Posted at Jun 04 08:27 AM

Group of Seven finance ministers on Wednesday said a debt relief initiative for the world's poorest countries could be extended beyond the end of the year to help deal with economic fallout from the coronavirus pandemic. Read more »

Asia's factory pain worsens as China's recovery fails to lift demand

Leika Kihara, Reuters
Posted at Jun 01 02:05 PM

Asia's factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.   Read more »

COVID-19 pushes Germany into recession

Florian Cazeres, Agence France-Presse
Posted at May 15 09:51 PM

The coronavirus pandemic has tipped Germany into a recession, official data showed Friday, with Europe's top economy suffering its steepest quarterly contraction in more than a decade as lockdown measures began to bite. Read more »

Philippines sees economy shrinking by 2 to 3.4 percent due to COVID-19

ABS-CBN News
Updated as of May 13 11:29 AM

The Philippine economy will likely contract by 2 to 3.4 percent this year, according to revised government assumptions released Wednesday, as the country moved to slowly restart businesses shuttered by the COVID-19 pandemic. Read more »

First since 1998: Philippines GDP shrinks due to COVID-19 pandemic

ABS-CBN News
Updated as of May 07 10:45 AM

The Philippine economy, Asia's pace-setter, shrank in the January to March period after the COVID-19 pandemic put the economy in the freezer, officials said Thursday, as the nation looked to a possible recession. Read more »

Through the fire with pandemic, businessmen in Philippines brace for recession

Jessica Fenol and Joel Guinto, ABS-CBN News
Updated as of May 06 09:19 PM

Through fire, drought and a botched military putsch, Jojo Tan's convenience store franchise remained open for 14 years, until the COVID-19 pandemic struck, plunging his business and many others into a day-to-day existence. Read more »

Globalization as we know it is 'over' due to COVID-19, says billionaire Razon

Cathy Yang and Joel Guinto, ABS-CBN News
Updated as of Apr 22 02:33 PM

Globalization as we know it is "over" because of the coronavirus pandemic, billionaire port magnate Enrique Razon said Wednesday, as lockdowns and travel restrictions put businesses on pause. Read more »

'We still have a lot of bullets in our arsenal,' BSP says on fight for economy

ABS-CBN News
Updated as of Apr 19 12:06 PM

Diokno last week slashed 50 basis points off the benchmark interest rate in an unscheduled move, underscoring his pledge to use the central bank's entire arsenal to salvage the economy. Read more »

Pandemic to bring Asia's 2020 growth to halt for 1st time in 60 years: IMF

Leika Kihara, Reuters
Posted at Apr 16 08:46 AM

Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday. Read more »

IMF chief economist says 100 countries seek pandemic aid

Andrea Shalal and David Lawder, Reuters
Posted at Apr 15 08:06 AM

The International Monetary Fund's $1 trillion in lending capacity is "quite substantial" to help members deal with the coronavirus pandemic, but further resources may be needed as the full brunt of the crisis reaches developing countries, its chief economist told Reuters in an interview on Tuesday. Read more »

Coronavirus pandemic causing deep recession, and it could get worse: IMF

Heather Scott, Agence France-Presse
Posted at Apr 15 03:46 AM

The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday.   Read more »

World Bank approves $500 million loan for Philippines to fight COVID-19

ABS-CBN News
Posted at Apr 10 12:43 PM

The World Bank said Friday it approved a $500 million loan to the Philippines to help the Southeast Asian nation fight the COVID-19 pandemic.   Read more »

World faces worst crisis since Great Depression: IMF chief

Agence France-Presse
Posted at Apr 10 08:35 AM

The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said Thursday. Read more »

Coronavirus plunging world economy into brutal recession

Antonio Rodriguez, Agence France-Presse
Posted at Apr 09 05:46 AM

Measures imposed to slow the spread of the coronavirus are pushing the world economy into a recession deeper and more painful than initially expected, even if a rebound is still on the cards for next year. Read more »

World risks second Great Depression due to coronavirus: Chinese central bank

Karen Yeung, South China Morning Post
Posted at Apr 06 07:45 AM

China's central bank has warned the international community to be alert to the risk of a "Great Depression" in the wake of the COVID-19 outbreak, although it said the chances of this occurring was low. Read more »

Recession risk 'real,' Bangko Sentral ready to cut interest rates further: Diokno

ABS-CBN News
Updated as of Apr 05 01:40 PM

MANILA - The Philippine central bank has space to cut interest rates further faced with a "real risk" of recession due to the coronavirus pandemic, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday. Read more »

Why the global recession due to COVID-19 could last a long time

Peter S. Goodman, The New York Times
Posted at Apr 02 08:49 AM

The world is almost certainly ensnared in a devastating recession delivered by the coronavirus pandemic.   Read more »