Latest Economic growth News

Mexican economy may contract by 4 to 8% in 2020

Apr. 2, 2020 5:42 PM EDT

MEXICO CITY (AP) — Mexico's Treasury predicted Thursday that the country's economy will contract by as much as 3.9% in 2020 the face of the spreading COVID-19 pandemic, but private analysts are making even more dire predictions: the country's worst economic downturn since the Great Depression. That was...

FILE - In this Feb. 1, 2020, file photo, funeral home workers remove the body of a person suspected to have died from the coronavirus outbreak from a residential building in Wuhan in central China's Hubei Province. Skepticism about China’s reported coronavirus cases and deaths has swirled throughout the crisis, fueled by official efforts to quash bad news in the early days and a general distrust of the government. In any country, getting a complete picture of the infections amid the fog of war is virtually impossible. (Chinatopix via AP, File)

The Latest: Israel's health minister has new coronavirus

Apr. 2, 2020 1:13 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: ___ — Isreaeo's health minister diagnosed with new...

FILE - This photo provided by the New York Stock Exchange shows the unoccupied NYSE trading floor, closed temporarily for the first time in 228 years as a result of coronavirus concerns, Tuesday March 24, 2020. Global stocks and U.S. futures declined Thursday after the U.S. Senate approved a proposed $2.2 trillion virus aid package following a delay over its details and sent the measure to the House of Representatives. (Kearney Ferguson/NYSE via AP, File)

UN: Pandemic could shrink global economy almost 1% in 2020

Apr. 1, 2020 8:39 PM EDT

UNITED NATIONS (AP) — The global economy could shrink almost 1% this year due to the new coronavirus, a sharp reversal from the pre-pandemic forecast of 2.5% growth, the United Nations said Wednesday. The U.N. Department of Economic and Social Affairs warned in a report that the decline could be even...

A woman wearing a face mask walks past a fashion shop in Hong Kong, Monday, March 30, 2020. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Vincent Yu)

World Bank sees outbreak taking a big toll on Asia's economy

Mar. 30, 2020 9:14 PM EDT

WASHINGTON (AP) — The World Bank is estimating that the cornavirus outbreak will cause economic growth to slow significantly this year in China and other East Asian-Pacific countries, throwing millions into poverty. Under a worse-case scenario, the region could suffer its sharpest downturn since a...

FILE - In this Tuesday, March 24, 2020 file photo, Gov. Andrew Cuomo speaks during a news conference against a backdrop of medical supplies at the Jacob Javits Center that will house a temporary hospital in response to the COVID-19 outbreak in New York. Cuomo, a Democrat, ripped the GOP-led Senate's version of the coronavirus package as

Coronavirus deals one-two financial punch to state budgets

Mar. 27, 2020 5:42 PM EDT

The coronavirus is pounding state governments with a financial one-two punch, costing them millions to try to contain the disease just as businesses are shutting down and tax revenue is collapsing. The sharp drop in revenue could jeopardize some states' ability to provide basic services. States ranging from tiny...

FILE - In this June 19, 2019, file photo cargo ships are docked at the Port of Los Angeles in Los Angeles. The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for awhile as the country endures a sharp contraction due to the impact of the coronavirus. (AP Photo/Marcio Jose Sanchez, File)

US economy grew at 2.1% rate in fourth quarter

Mar. 26, 2020 10:09 AM EDT

WASHINGTON (AP) — The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction due to the coronavirus. The Commerce Department said Thursday in its third and final look...

A container and barriers block a backroad used by locals on the Netherlands border with Belgium between Chaam, southern Netherlands, and Meerle, northern Belgium, Monday, March 23, 2020. Both countries have come to a near standstill as their governments sought to prevent the further spread of coronavirus. For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. (AP Photo/Peter Dejong)

As outbreak blows up finances, a limit to EU solidarity

Mar. 25, 2020 12:51 PM EDT

BRUSSELS (AP) — The European Union is taking unprecedented action to help member countries endure the massive economic shock of the virus outbreak, but some nations are resisting the idea of shared borrowing to cover the heavy costs - suggesting that even during this crisis there are limits to solidarity...

President Donald Trump gestures as he asks a question to Dr. Deborah Birx, White House coronavirus response coordinator, during a briefing about the coronavirus in the James Brady Briefing Room, Monday, March 23, 2020, in Washington. (AP Photo/Alex Brandon)

Trump says he intends to reopen country in weeks, not months

Mar. 24, 2020 7:24 AM EDT

WASHINGTON (AP) — As cases of coronavirus rise, President Donald Trump said that he wants to reopen the country for business in weeks, not months, and claimed, without evidence, that continued closures could result in more deaths than the pandemic itself. "We can’t have the cure be worse than the...

FILE - In this March 2, 2020, file photo President Donald Trump speaks during a campaign rally at Bojangles Coliseum in Charlotte, N.C. For the next seven months, Trump may be consigned to campaigning in a country beset by a fear of job loss, bankruptcy and disease. It will require a remarkable pivot for the president, who has relentlessly cheered the stock market's rise and the economy's strength as the central predicate for a second term. (AP Photo/Evan Vucci, File)

Trump's fate tied to an unknown: how fast economy recovers

Mar. 22, 2020 7:59 AM EDT

BALTIMORE (AP) — The coronavirus has flung the U.S. economy into a dangerous tailspin, and President Donald Trump's reelection hopes are caught in the sudden whirlwind. For the next seven months, Trump may be consigned to campaigning in a country beset by a fear of job loss, bankruptcy and disease. It will...

Cars drive in a highway in northern Tehran, Iran, Friday, March 20, 2020, on the first day of Iranian New Year, called Nowruz, or

Iran's leaders take upbeat tone even as virus deaths climb

Mar. 20, 2020 4:42 PM EDT

TEHRAN, Iran (AP) — Iran's leaders vowed to overcome the coronavirus outbreak in upbeat messages marking the Persian New Year on Friday, even as the Health Ministry announced 149 more fatalities, bringing the country's death toll to 1,433. Iran is battling the worst outbreak in the Middle East, with...