Latest Recessions and depressions News

IMF policy panel endorses $650 billion increase in resources

Apr. 08, 2021 15:46 PM EDT

WASHINGTON (AP) — The International Monetary Fund on Thursday authorized a $650 billion expansion of the 190-nation lending institution's resources with the aim of providing more support for vulnerable countries as they battle the coronavirus pandemic. IMF Managing...

IMF upgrades forecast for 2021 global growth to a record 6%

Apr. 06, 2021 09:13 AM EDT

WASHINGTON (AP) — The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast. The...

Stores in Greece open amid virus surge to help save economy

Apr. 05, 2021 08:46 AM EDT

ATHENS, Greece (AP) — Retail stores across most of Greece were allowed to reopen Monday despite an ongoing surge in COVID-19 infections, as the country battles to emerge from deep recession. Stores in greater Athens opened for pickup services only but remain closed in...

March hiring accelerated to 916K, yet many jobs remain lost

Apr. 02, 2021 17:16 PM EDT

WASHINGTON (AP) — America’s employers unleashed a burst of hiring in March, adding 916,000 jobs in a sign that a sustained recovery from the pandemic recession is taking hold as vaccinations accelerate, stimulus checks flow through the economy and businesses increasingly reopen. ...

OPEC and allies agree to gradually boost crude oil output

Apr. 01, 2021 15:32 PM EDT

FRANKFURT, Germany (AP) — The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19...

Report: Money key to reverse pandemic losses for poor

Mar. 26, 2021 00:42 AM EDT

UNITED NATIONS (AP) — More than 60 international agencies are calling for immediate financing to put gains for developing countries back on track after the COVID-19 pandemic led to widening inequalities, the worst recession in 90 years, an estimated 120 million people pushed into extreme...

Fed says restrictions on bank dividends and buybacks to end

Mar. 25, 2021 19:14 PM EDT

WASHINGTON (AP) — The Federal Reserve said Thursday that as of June 30 it will end for most banks the temporary limits it had imposed on their ability to make dividend payments and buy back their own stock. The Fed imposed the restrictions last summer, citing the need...

Powell likens Fed's pandemic response to British at Dunkirk

Mar. 25, 2021 11:23 AM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell compared the actions taken by the central bank early in the pandemic as the economy barreled toward a recession to British efforts in World War II to evacuate troops at Dunkirk. Asked Thursday in an NPR interview...

Government revises 4th quarter GDP up slightly to 4.3%

Mar. 25, 2021 09:55 AM EDT

WASHINGTON (AP) — The U.S. economy grew at an annual rate of 4.3% in the final three months of 2020, slightly faster than previously estimated, as recovery expectations for 2021 rise along with vaccinations and the provision of nearly $2 trillion in additional government support. ...

Cooper seeks big debt package, pay hikes, Medicaid expansion

Mar. 24, 2021 22:11 PM EDT

RALEIGH, N.C. (AP) — North Carolina Democratic Gov. Roy Cooper on Wednesday proposed a spending and borrowing spree by state government that he said is critical to fulfilling education, health care and infrastructure demands that were evident before the pandemic but have been exacerbated...