Next, the events of Friday, related to the economy, workplaces and the spread of the virus
The outbreak of coronavirus has shocked the Global economy with unprecedented speed.
COSTS ARE ACCUMULATED
The pandemic is going to cost the Global economy up to $ 4.1 trillion _ almost 5% of economic activity_, according to the Asian Development Bank.
The regional bank said on Friday that growth in Asia will most likely fall to 2.2% in 2020, slashing last year’s growth of 5.2% by more than half. China, the region’s largest economy, recorded double-digit contractions in business activity in January-February and will almost certainly see its growth drop to 2.3% this year. Last year, China grew 6.1%, its lowest in three decades, according to the bank.
In Europe, a key index of manufacturing and services activity fell to a record level, indicating an annualized drop in GDP of approximately 10% for the eurozone, made up of 19 countries.
Airlines in the United States faced a deadline on Friday to request part of a $ 25 billion package in federal subsidies to cover their payroll costs for six months.
American and Southwest have said they will file requests, while other airlines hesitated. A clause in the aid plan could allow the federal government to take a stake in the airlines it helps.
All airlines are losing large sums of money. The number of travelers who went through security checks at US airports Thursday was 124,000, a 95% drop from the same day a year ago.
Toyota is suspending production at five of its 18 plants in Japan due to slumping sales. The strike will last at least three days for most of the affected plants, but one of them will be closed until mid-April.
The plants produce vehicles for export, including the Lexus luxury models and the Prius hybrid. Other Japanese producers, such as Honda Motor Co., have also suspended production.
The auto industry in the United States is completely closed.
Germany’s industry industry association said new vehicle registrations in the country fell 38% in March compared to a year earlier, the biggest decline since German reunification three decades ago.
The famous spa island of Phuket in Thailand was ordered to close all its hotels.
Hotels that currently have guests may remain open until they leave, but they must report their numbers and names to district offices so that their health can be evaluated. Any guest who tests positive for COVID-19 will be taken to facilities assigned by the State to be monitored.
All access and egress by land and sea in Phuket were closed this week. The island attracts more than 10 million visitors a year.
The United States usually has a unique response to crises, and this one is no different.
Gun sales rose 85% last month compared to March last year, according to FBI statistics.
Supply and demand laws also apply to firearms, of course, and prices are anticipated to have risen as well, though the figures have not yet been revealed.