Many governments have restricted or advised against all non-essential travel to and from countries and areas affected by the outbreak. [189], Over the preceding weekend, the Saudi Arabian Monetary Authority announced a $13 billion credit-line package to small and medium-sized companies,[190] while South African President Cyril Ramaphosa announced a fiscal stimulus package. Facing a Recession with the Right Attitude. The First Metro Investment Corp projects a year-on-year GDP decline of 8-9%. freepik. [296][297], The Philippines' real GDP contracted by 0.2% in the first quarter of 2020, the first contraction since the fourth quarter of 1998, a year after the Asian financial crisis. Recession: IMF Predicts Nigeria’s Early Exit Next Year. 2019 was something of a roller coaster year for recession forecasts. [135][136] BP and Shell Oil experienced intraday price drops of nearly 20%[137] The FTSE MIB, CAC 40, and DAX tanked as well, with Italy affected the most as the COVID-19 pandemic in the country continues. [124], The United States' Dow Jones Industrial Average lost more than 2000 points,[125] described by The News International as "the biggest ever fall in intraday trading". [146] In Pakistan, the PSX saw the largest ever intra-day plunge in the country's history, losing 2,302 points or 6.0%. [60][61][62][59], The COVID-19 pandemic is the most impactive pandemic since the Spanish flu in 1918,[63] When the pandemic first arose in late 2019 and more consequently in 2020, the world was going through economic stagnation and significant consumer downturn. [67][68] The pandemic has led to severe global economic disruption,[69] the postponement or cancellation of sporting, religious, political and cultural events,[70] and widespread shortages of supplies exacerbated by panic buying. [clarification needed] The S&P 500 fell by 7.6%. [254][255][256][257] Small businesses pick up the pieces as their debt mounts. We're not predicting recession in 2020 but odds are growing, says Vanguard global chief economist Joe Davis, Vanguard Global Chief Economist, explains why the odds are growing for a recession in 2020. The predicted 2020 global recession might be optimistic. Nigeria’s recession could last up to 2023 – World Bank predicts. And so the forecasters cut their prediction – but not enough. [147] In India, the BSE SENSEX closed 1,942 points lower at 35,635 while the NSE Nifty 50 was down by 538 points to 10,451. Recession … A survey suggests firms worry about a potential recession. This market has been settled. [10][11][12][13], The COVID-19 pandemic has led to more than a third of the world's population being placed on lockdown to stop the spread of COVID-19. On 24 June 2020 IMF revised India's growth rate to -4.5%, a historic low. [226] You can absolutely bet on it. Man holding the wooden pieces concept. Recessions are going to happen, and there is nothing any of us can do about it. 3 seconds ago. The more you can pay, the stronger your financial position will be if your personal financial situation starts to look shaky. Neither your financial plan, nor your financial decisions, should be driven by current events – whether recession or otherwise.”, Strategies to Prepare to Survive and Thrive in the Next Recession. [222], Argentina entered its 9th sovereign default in history due to the recession. Instead, develop a plan to move forward, no matter what’s happening in the economy. In April 2020, it was already worse than the 2008 recession in its initial ferocity. 99¢ NC. [295] The country officially entered a recession in September after a GDP contraction of 12.2% in the second quarter of 2020 was reported by Statistics New Zealand. The decline is led by a decrease in household spending which typically accounts for 70% of the country's GDP and hesitancy on spending due to COVID-19 community quarantine measures. [336], The demand shock to oil was so severe that the price of American oil futures contracts became negative (bottoming out at $-37.63 per barrel on the West Texas Intermediate), as traders started paying for buyers to take the product before storage capacity ran out. [126] The Dow Jones Industrial Average hit a number of trading "circuit breakers" to curb panicked selling. [276] Later on 25 June, the national bank predicted the Fijian economy to contract severely this year due to falling consumption and investment associated with ongoing job-losses. [218], France's yellow vest movement caused significant economic damage to the French economy in 2019, alongside a global slowdown. Facing a severe debt crisis consumer confidence on 26 may 2020 recession prediction investors can take to! 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