Global report: US unemployment could hit 25%, warns Fed chairman, as Japan enters recession
India extends Covid-19 lockdown but eases many restrictions; South Africa reports highest daily new cases; World Health Assembly to begin
Unemployment in the United States could peak at 25% as a result of the coronavirus pandemic, according to the chair of the Federal Reserve, amid warnings the June quarter economic figures will be “very, very bad”. The bleak prediction came as Japan slid into its first recession in five years, with forecasts that worse was to come.
In a sober assessment of the economic impact of coronavirus in the US, the Fed chair, Jerome Powell, estimated GDP contraction in the June quarter could be “easily be in the twenties or thirties”, as fallout from the global outbreak worsened.