Latest Economic growth News

Kayakers race in front of the Burj Khalifa, the world's tallest building, off the coast of Dubai, United Arab Emirates, Friday, June 19, 2020. Dubai has begun allowing organized sports competitions to take place after locking down over the coronavirus pandemic and the COVID-19 illness it causes. Competitions held Friday at the Dubai Offshore Sailing Club were among the first events to be held. (AP Photo/Jon Gambrell)

UAE orders government shakeup as virus erodes economic gains

Jul. 5, 2020 8:00 AM EDT

DUBAI, United Arab Emirates (AP) — The United Arab Emirates announced a wide-ranging government shakeup on Sunday aimed at creating a more flexible and modern bureaucracy to tackle challenges as the coronavirus and lower oil prices erode what was already sluggish economic growth. The UAE prime minister...

Residents some wearing masks to curb the spread of the coronavirus buy lunch at a restaurant that has started selling their food on the street to avoid the indoors in Beijing Wednesday, July 1, 2020. Three months after China declared victory over the coronavirus and started to reopen its economy, restaurants are among thousands of small businesses that are struggling to lure back skittish consumers nervous about the virus and possible job losses. (AP Photo/Ng Han Guan)

China reopens but businesses struggle to lure back consumers

Jun. 30, 2020 11:57 PM EDT

BEIJING (AP) — The Daronghe restaurant in Chengdu in China’s west has reopened but, with business down by half, its staff of 150 come to work on alternate days. Three months after China declared victory over the coronavirus and started to reopen its economy, the restaurant is among thousands of...

Residents wearing masks to curb the spread of the coronavirus line up for COVID-19 test outside the Worker's Stadium in Beijing on Tuesday, June 30, 2020. Test sites have sprung up through the Chinese capital as test have become a daily normal after the latest outbreak of the coronavirus, (AP Photo/Ng Han Guan)

The Latest: SKorea weighs listing churches as 'high risk'

Jun. 30, 2020 9:58 PM EDT

SEOUL, South Korea -- South Korea is considering including religious facilities on the same list with nightclubs, hostess bars and karaoke rooms as “high risk” venues for the spread of COVID-19 following a slew of transmissions tied to church gatherings. South Korean Prime Minister Chung Sye-kyun...

U.S. Secretary of Defense Mark Esper, left, and NATO Secretary General Jens Stoltenberg participate in a joint press conference at NATO headquarters in Brussels, Friday, June 26, 2020. U.S. Secretary of Defense Mark Esper is at NATO to follow-up on a broad range of issues raised during last week's NATO defense ministerial. (AP Photo/Virginia Mayo, Pool)

Pentagon chief seeks to reassure NATO over US troop plans

Jun. 26, 2020 11:59 AM EDT

BRUSSELS (AP) — U.S. Defense Secretary Mark Esper on Friday sought to reassure allies at NATO that Washington will consult them on any future troop movements, after President Donald Trump surprised partners at the military alliance by announcing the withdrawal of thousands of personnel from Germany. At a...

An empty parking lot is seen at a temporarily closed Kohl's department store, Wednesday, April 29, 2020, in Havertown, Pa.  Devastated by the coronavirus, the U.S. economy is sinking.  Now, as some businesses in a few states start to trickle back to work, hopes are beginning to arise that the economy, damaged as it is, might be poised to rebound by the second half of the year.   (AP Photo/Matt Slocum)

US GDP fell at 5.0% rate in Q1; worse is likely on the way

Jun. 25, 2020 1:04 PM EDT

WASHINGTON (AP) — The U.S. economy shrank at a 5.0% rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to spread across the U.S. The Commerce Department reported Thursday that the decline in the gross domestic product,...

FILE - In this Feb. 14, 2020, file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. (AP Photo/Jens Meyer, File)

IMF downgrades outlook for global economy in face of virus

Jun. 24, 2020 1:59 PM EDT

WASHINGTON (AP) — The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9% this year, significantly worse...

Algeria's government shaken up amid oil, virus troubles

Jun. 24, 2020 5:51 AM EDT

ALGIERS, Algeria (AP) — Algeria's president has reshuffled the government to try to fix growing economic problems linked to the country's dependence on oil revenues and fallout from virus-related restrictions on production, travel and trade. State news agency APS announced the changes by President...

A woman walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Wednesday, June 24, 2020. Asian shares were mostly higher on Wednesday with another mood boost from Wall Street, but fears persist over the surge in coronavirus cases in parts of the world. (AP Photo/Eugene Hoshiko)

Asia shares higher after US rally despite rising virus fears

Jun. 23, 2020 11:25 PM EDT

TOKYO (AP) — Asian shares were mostly higher on Wednesday with another mood boost from Wall Street, but fears persist over the surge in coronavirus cases in parts of the world. Japan's benchmark Nikkei 225 edged 0.1% higher to 22,576.63. Australia's S&P/ASX 200 also picked up 0.1% to 5,958.40. South...

Residents wearing face masks to curb the spread of the coronavirus hold up paper bags to protect against the rain in Beijing on Thursday, June 18, 2020. A new coronavirus outbreak in Beijing saw a decline in daily cases Thursday while the United States increased pressure on China's leaders to reveal what they know about the pandemic. (AP Photo/Ng Han Guan)

Asia Today: Beijing's daily cases drop, India's rise sharply

Jun. 18, 2020 9:28 AM EDT

BEIJING (AP) — China’s capital reported a decline in newly confirmed cases of coronavirus Thursday, with a public health expert saying a recent outbreak in the city was under control and the number of new cases should drop in the coming days. Authorities have confirmed 158 cases in Beijing in the...

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Monday, June 15, 2020. Asian shares were mostly lower Monday on concern over a resurgence of coronavirus cases and pessimism after Wall Street posted its worst week in nearly three months. (AP Photo/Eugene Hoshiko)

Asian stocks follow Wall St higher after Fed ups bond buys

Jun. 16, 2020 12:10 AM EDT

TOKYO (AP) — Asian shares rose Tuesday, cheered by fresh moves by the U.S. Federal Reserve to support markets battered by the coronavirus pandemic. Japan's benchmark Nikkei 225 gained 3.2% to 22,212.62. South Korea's Kospi gained 4.5% to 2,123.35, while Australia's S&P/ASX 200 jumped 3.7% to 5,932.40....