2020s in economic history explained

See also: 2020s in political history.

This is an economic history of the 2020s. Economic history refers to the study of economies or economic events of the past, including financial and business history.

Global events and issues

COVID-19 pandemic

COVID-19 recession

The COVID-19 recession was a major global economic crisis which has caused both a recession in some nations, and in others a depression. It is currently the worst global economic crisis in history, surpassing the impact of the Great Depression. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic. The first major sign of a recession was the collapse of markets during the 2020 stock market crash, which began in late February and lasted through March.[1] [2] [3] [4] [5] [6] As of September 2020, every advanced economy is in a recession or depression, whilst all emerging economies are in recession.[7] [8] [9] Modeling by the World Bank suggests that in some regions a full recovery will not be achieved until 2025 or beyond.[10] [11] [12] [13]

Supply chain disruption

See main article: 2021–2022 global supply chain crisis.

Financial crash and recovery

The 2020 stock market crash was a major and sudden global stock market crash that began on 20 February 2020 and ended on 7 April.

The crash was the fastest fall in global stock markets in financial history and the most devastating crash since the Wall Street Crash of 1929. The crash, however, only caused a short-lived bear market, and in April global stock markets re-entered a bull market, which would continue until late October of that year.[14] [15] [16]

Retail apocalypse

The retail apocalypse continued to be exacerbated by the COVID-19 pandemic, as many were forced to shut down due to lockdowns responding to the pandemic.[17] This has affected at least Pier 1,[18] Neiman Marcus, Tuesday Morning,[19] GNC,[20] and Brooks Brothers.[21]

Remote work

During the COVID-19 pandemic, remote work became common due to social distancing requirements.[22] In France, 84% of office workers had returned to offices by late 2020, but only 40% had in the UK.[23] New hybrid arrangements emerged, with only half of the 74% of German office employees going to office doing so for the whole working week around the same time.[23] Similar figures were true for other major European countries.[24]

Inflation

See main article: 2021–2023 inflation surge. A worldwide increase in inflation began in mid-2021, with many countries seeing their highest inflation rates in decades. It has been attributed to various causes, including pandemic-related economic dislocation; the fiscal and monetary stimulus provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic were also instrumental. Unexpected recovery in demand through 2021 ultimately led to historic and broad supply shortages (including chip shortages and energy shortages) amid increasing consumer demand. Worldwide construction sectors were also hit.

In early 2022, the Russian invasion of Ukraine's effect on global oil prices, natural gas, fertilizer, and food prices further exacerbated the situation.[25] Higher gasoline prices were a major contributor to inflation as oil producers saw record profits. Debate arose over whether inflationary pressures were transitory or persistent. Central banks responded by aggressively increasing interest rates.[26] [27] [28]

Housing prices

Global housing prices grew in with fastest pace since 2006 during the beginning of the decade.[29] Across 53 countries, the average rate of growth was 5.3%. In the United States, housing prices grew by 14.6% in the year to June 2021.[30] A similar rate of growth was observed in Australia.[31] These trends were blamed on low interest rates and the savings accrued during the spendic slump caused by the COVID-19 Pandemic.

Energy

Russia–Saudi Arabia oil price war

See main article: 2020 Russia–Saudi Arabia oil price war. On 8 March 2020, Saudi Arabia initiated a price war with Russia, facilitating a 65% quarterly fall in the price of oil. In the first few weeks of March, US oil prices fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%. The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. Russia walked out of the agreement, leading to the fall of the OPEC+ alliance. Oil prices had already fallen 30% since the start of the year due to a drop in demand. The price war is one of the major causes and effects of the currently ongoing global stock-market crash.

In early April 2020 and again in June 2020, Saudi Arabia and Russia have agreed to oil production cuts.[32] [33] [34] The price became negative on 20 April. Oil production can be slowed, but not stopped completely, and even the lowest possible production level resulted in greater supply than demand; those holding oil futures became willing to pay to offload contracts for oil they expected to be unable to store.

2021–2022 global energy crisis

See main article: 2021–2023 global energy crisis. In 2021, record-high energy prices have been reached, due to a global surge in demand as the world quit the economic recession caused by COVID-19, particularly in Asia. Suppliers did not keep up with the demand surge.[35] [36] [37] [38]

The energy price elevated even further into 2022 as Russian aggression against Ukraine have caused great reduction in Russian energy supply to Europe, furthering the supply-demand unbalance.

Finance

Over the course of five days in March 2023, three small- to mid-size U.S. banks failed, triggering a sharp decline in global bank stock prices and swift response by regulators to prevent potential global contagion. Silvergate Bank and Signature Bank, both with significant exposure to cryptocurrency, failed in the midst of turbulence in that market. Silicon Valley Bank (SVB) failed when a bank run was triggered after it sold its Treasury bond portfolio at a large loss, causing depositor concerns about the bank's liquidity. The bonds had lost significant value as market interest rates rose after the bank had shifted its portfolio to longer-maturity bonds. The bank's clientele was primarily technology companies and wealthy individuals holding large deposits, but balances exceeding $250,000 were not insured by the Federal Deposit Insurance Corporation (FDIC).

In response to the bank failures, the three major U.S. federal bank regulators announced in a joint communiqué that extraordinary measures would be taken to ensure that all deposits at Silicon Valley Bank and Signature Bank would be honored.[39] The Federal Reserve established a Bank Term Funding Program (BTFP) to offer loans of up to one year to eligible depository institutions pledging qualifying assets as collateral.[40] To prevent the situation from affecting more banks, global industry regulators, including the Federal Reserve, the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and Swiss National Bank intervened to provide extraordinary liquidity.[41] [42] [43]

Regulations

Taxation

In 2021, the Group of Seven finance ministers agreed on a deal to commit towards a minimum global corporate tax rate of at least 15 percent, which will be aimed at preventing tax havens that cater to large multinational corporations, during a meeting in London.[44]

Technology conglomerate

Lina Khan was appointed as the chair of the Federal Trade Commission in 2021 with the promise to tackle American tech corporations for alleged anti-competitive practices.[45] In the same year, Facebook was found to not be engaging in such practices in a lawsuit brought by 46 U.S. states.[46] Also in 2021, Alphabet Inc. was sued by a group of 37 U.S. states over allegations of overcharging on the Google Play app store.[47] An antitrust case was also opened against the company by the European Commission.[48]

China started cracking down on domestic tech companies in 2021. After Jack Ma, the founder of Alibaba Group, criticized the Chinese financial system, he disappeared for three months.[49] The ride-hailing firm DiDi was banned from local app stores after its listing in the New York Stock Exchange.[50] Other online companies with American investment that were restricted included Yunmanman, Huochebang, and BOSS Zhipin. The rules for overseas financing were also tightened.

Cryptocurrencies

In May 2021, China banned financial institutions and payments services from offering cryptocurrency-related services.[51] In 2021, the cryptocurrency exchange Binance was banned from operating in the United Kingdom.[52]

International trade

The Trump tariffs continued to stay largely in effect.

The World Trade Organization says that trade growth has stagnated and that the number of trade restrictions is increasing as the decade begins. The sectors most affected by import restrictions are mineral and fuel oils (17.7%), machinery and mechanical appliances (13%), electrical machinery and parts (11.7%), and precious metals (6%).[53] However, regional trade agreements are increasing.[54]

The Brexit withdrawal agreement went into effect at the end of January 2020.[55] Mexico and the United States have signed the USMCA agreement, and Canada has signed it as of March 2020.[56] [57]

President Trump's trade disputes appear to be neutralizing as the President completed a phase 1 agreement with China and renegotiated NAFTA with the ratification of the United States–Mexico–Canada Agreement an improved, bipartisan trade agreement. Tomasz Brodzicki of IHS Markit predicts that world merchandise trade volume will increase by 2.7% to 14.174 billion tons (US$18.870 trillion) in 2020 and by 5% to 14.881 billion tons (US$19.795 trillion) in 2021. He forecasts the highest growth rates in 2020 for South and North America and the lowest for Africa. He predicts low trade growth for the U.S. and Canada and continuing conflicts with China, which should benefit Taiwan, Vietnam, and other parts of the ASEAN Free Trade Area. He also says the paralysis of the multilateral dispute settlement system in the World Trade Organization (WTO) will probably last.[58]

The world's largest free trade agreement, the Regional Comprehensive Economic Partnership, was signed on November 15, 2020, including the members of ASEAN, as well as Australia, China, Japan, New Zealand, and South Korea.[59]

The African Continental Free Trade Area (AfCTA) will go fully into effect on July 1, 2020, abolishing 90% of tariffs between member states and bringing a 50% increase in trade in the next few years.[60] In June 2019 the Mercosur (Argentina, Brazil, Paraguay, and Uruguay) reached a tentative agreement.pdf with the European Union. They are also looking forward to similar agreements with the United States, Canada, and the EFTA bloc—made up of Iceland, Norway, Liechtenstein, and Switzerland.[61]

New economic trends

Carbon market

Carbon emission trading continues to expand with countries like China kickstarting their national carbon trading market within the decade.

Private space travel

Virgin Galactic, SpaceX, and Blue Origin began to pioneer in private space travel during the early 2020s.[62]

History by region

Africa

In April 2020, Sub-Saharan Africa appeared poised to enter its first recession in 25 years, but this time for a longer duration.[63] The World Bank predicted that overall sub-Saharan Africa's economy would shrink by 2.1%–⁠5.1% during 2020.[64] African countries cumulatively owe $152 billion to China from loans taken 2000–2018; as of May 2020, China was considering granting deadline extensions for repayment, and in June 2020, Chinese leader Xi Jinping said that some interest-free loans to certain countries would be forgiven.[65] [66]

Madagascar

In mid-2021, a severe drought in southern[67] Madagascar caused hundreds of thousands of people, with some estimating more than one million people, to suffer from food insecurity and being on the verge of famine.[68] [69] Some organizations have attributed the situation to the impact of climate change and the COVID-19 pandemic.

Asia

China

As tensions between China and the West rose in the early 2020s, their respective economies began to decouple.[70] In 2020, the United States imposed sanctions on Chinese companies involved in human rights violations against the Uyghurs.

In 2021, the People's Bank of China ruled that all financial transactions and activities involving cryptocurrency are illegal in the country.[71]

In 2021, in an effort to control the highly indebted sector, the Chinese government enacted a "three red lines" rule to limit the leverage of property developers, limiting their borrowing based on their performance in debt-to cash, debt-to-equity, and debt-to-assets metrics.[72] The new regulations greatly affected the property developer Evergrande Group, which had historically used large amounts of borrowing to become successful.

Lebanon

The Lebanese liquidity crisis is an ongoing financial crisis affecting the Middle Eastern nation of Lebanon, starting in August 2019, which further exacerbated by both the COVID-19 pandemic in Lebanon (which began in 2020) and the 2020 Beirut port explosion. The fall of the exchange rate caused the 2019–2021 Lebanese protests, which ultimately resulted in the resignation of the prime minister and his cabinet. After the resignation occurred, the COVID-19 pandemic forced additional businesses to close their doors and to lay off their employees.[73] On 1 June 2021, the World Bank released a report which warned that the economic crisis in Lebanon would risk becoming one of the three most severe since the mid-19th century, if its "bankrupt economic system, which benefited a few for so long" weren't reformed.[74]

Sri Lanka

See main article: 2019–present Sri Lankan economic crisis.

Americas

Cuba

The economy of Cuba went through major difficulties in the early 2020s. This was due to a loss of tourism caused by the COVID-19 pandemic and a lack of economic reforms.[75] The country's dual-currency system was also wound down in 2020.[76] The economic suffering resulted in widespread hunger.[77]

El Salvador

In 2021, El Salvador became the first country to accept Bitcoin as legal tender, after the Legislative Assembly votes 62–22 to pass a bill submitted by President Nayib Bukele classifying the cryptocurrency as such.[78]

Mexico

Pemex was awarded control of a privately discovered oil field by the Mexican government as part of Andrés Manuel López Obrador's "nationalistic" energy policy.[79]

United States

See main article: Economic impact of the COVID-19 pandemic in the United States. Before the pandemic, there were signs of recession. The US yield curve inverted in mid-2019, usually indicative of a forthcoming recession.[80] [81]

Starting in March 2020, job loss was rapid. About 16 million jobs were lost in the United States in the three weeks ending on 4April.[82] Unemployment claims reached a record high, with 3.3 million claims made in the week ending on 21 March. (The previous record had been 700,000 from 1982.)[83] [84] On 8 May, the Bureau of Labor Statistics reported a U-3 unemployment (official unemployment) figure of 14.7%, the highest level recorded since 1941, with U-6 unemployment (total unemployed plus marginally attached and part-time underemployed workers) reaching 22.8%.[85]

Restaurant patronage fell sharply across the country,[86] and major airlines reduced their operations on a large scale.[87] The Big Three car manufacturers all halted production.[88] In April, construction of new homes dropped by 30%, reaching the lowest level in five years.[89]

Approximately 5.4 million Americans lost their health insurance from February to May 2020 after losing their jobs.[90] [91]

The St. Louis Fed Financial Stress Index increased sharply from below zero to 5.8 during March 2020.[92] [93] The United States Department of Commerce reported that consumer spending fell by 7.5 percent during the month of March 2020. It was the largest monthly drop since record keeping began in 1959. As a result, the country's gross domestic product reduced at a rate of 4.8 percent during the first quarter of 2020.[94]

The largest economic stimulus legislation in American history, a $2 trillion package called the CARES Act, was signed into law on 27 March 2020.[95]

The Congressional Budget Office reported in May 2020 that:

In June 2020, economic analyst Jim Cramer said that the response to the COVID-19 recession has led to the biggest transfer of wealth to the ultra-wealthy in modern history.[97] On 30 July 2020, it was reported that the U.S. 2nd quarter gross domestic product fell at an annualized rate of 33%.[98]

Venezuela

Venezuela launches its second monetary overhaul in the past three years by cutting six zeros from its currency in order to simplify accounting. This move was in response to hyperinflation, which reached an annual record of 1,743%, amid a serious ongoing economic crisis.[99]

Asia-Pacific

Australia

The unemployment level of 5.1% is projected to rise to a 25-year high of 10.0%, according to Treasury data released in April 2020.[100] [101] The JobSeeker Payment unemployment benefit base rate was almost doubled in April when it had a Coronavirus Supplement of A$550 added to it,[102] but Prime Minister Scott Morrison said that this would likely be reduced when the pandemic ends.[103]

On 12 March 2020 the Government announced a billion stimulus package, the first since the 2008 Global Financial Crisis (GFC).[104] [105] The package consists of multiple parts, a one-off A$750 payment to around 6.5 million welfare recipients as early as 31 March 2020, small business assistance with 700,000 grants up to A$25,000 and a 50% wage subsidy for 120,000 apprenticies or trainees for up to 9 months, A$1 billion to support economically impacted sectors, regions and communities, and A$700 million to increase tax write off and A$3.2 billion to support short-term small and medium-sized business investment.[106]

On 30 March the Australian government announced a A$130 billion "JobKeeper" wage subsidy program. The JobKeeper program would pay employers up to A$1500 a fortnight per full-time, part-time or casual employee that has worked for that business for over a year. For a business to be eligible, they must have lost 30% of turnover after 1 March of annual revenue up to and including A$1 billion. For businesses with a revenue of over A$1 billion, turnover must have decreased by 50%. Businesses are then required by law to pay the subsidy to their staff, in lieu of their usual wages.[107] This response came after the enormous job losses seen just a week prior when an estimated 1 million Australians lost their jobs. This massive loss in jobs caused the myGov website to crash and lines out of Centrelink offices to run hundreds of metres long.[108] The program was backdated to 1 March, to aim at reemploying the many people who had just lost their jobs in the weeks before. Businesses would receive the JobKeeper subsidy for 6 months.

The announcement of the JobKeeper wage subsidy program is the largest measure announced by the Australian Government in response to the economic impact of the COVID-19 Outbreak. In the first hour of the scheme, over 8,000 businesses registered to receive the payments. The JobKeeper wage subsidy program is one of the largest economic packages ever implemented in the history of Australia.

As of April 2020, up to a million people have been laid off due to effects of the recession.[109] Over 280,000 individuals applied for unemployment support at the peak day.[110]

On 23 July 2020, Josh Frydenberg delivered a quarterly budget update stating the government had implemented a A$289 billion economic support package. As a result, the 2020–21 budget will record a A$184 billion deficit, the largest since WWII. Australia will maintain their triple A credit rating. Net debt will increase to A$677.1 billion at 20 June 2021. Further, real GDP is forecast to have fallen sharply by 7% in the June quarter with unemployment anticipated to peak at 9.25% in the December quarter. However, due to the further reinstatement of restrictions on Victoria, notably stage 4 restrictions, national unemployment is now set to reach 11%. The 2020–21 Budget will be handed down on 6 October, delayed from May.[111] Treasury estimates now place Australia on track to experience a depression, with Australia experiencing a 0.25% contraction in GDP in the 2019–20 financial year, and predictions now expecting a greater than 2.5% contraction in the financial year of 2020–21.[112]

In September 2020 the Australian government passed changes to "JobKeeper" wage subsidy program. From September 28, the payment will fall to A$1,200 a fortnight, followed by a further drop at the beginning of January 2021 to A$1,000.[113] [114]

On 22 February 2021, Prime Minister Scott Morrison announced that the JobSeeker Payment base rate would be increased by A$50 a fortnight from April 2021. The payment will rise to A$614 a fortnight, with an estimated cost over forward estimates of A$9 billion. It is also intended to increase the threshold amount recipients can earn before their payment starts to be reduced.[115]

China

As a result of the recession, China's economy contracted for the first time in almost 50 years.[116] The national GDP for the first quarter of 2020 dropped 6.8% year-on-year, 9.8% quarter on quarter, and the GDP for Hubei Province dropped 39.2% in the same period.[117] In May 2020, Chinese Premier Li Keqiang announced that, for the first time in history, the central government would not set an economic growth target for 2020, with the economy having contracted by 6.8% compared to 2019 and China facing an "unpredictable" time. However, the government also stated an intention to create 9 million new urban jobs until the end of 2020.[118]

India

The IMF predicted the growth rate of India in the financial year of 2020–21 as 1.9%,[119] but in the following financial year, they predict it to be 7.4%.[120] IMF also predicted that India and China are the only two major economies that will maintain positive growth rates.[121] However the prediction later turned out to be wrong.

On 24 June 2020 IMF revised India's growth rate to -4.5%, a historic low. However, IMF said India's economy is expected to bounce back in 2021 with a robust six percent growth rate.

On 31 August 2020, the National Statistical Office (NSO) released the data, which revealed that the country's GDP contracted by 23.9 per cent in the first quarter of 2020–21 financial year. The economic contraction followed the severe lockdown to contain the COVID-19 pandemic, where an estimated 140 million jobs were lost. According to the Organisation for Economic Co-operation and Development, it was the worst fall in history.  [122]

Japan

In Japan, the 2019 4th quarter GDP shrank 7.1% from the previous quarter[123] due to two main factors. One is the government's raise in consumption tax from 8% to 10% despite opposition from the citizens. The other is the devastating effects of Typhoon Hagibis, also known as the Reiwa1 East Japan Typhoon (令和元年東日本台風, Reiwa Gannen Higashi-Nihon Taifū), or Typhoon Number 19 (台風19). The 38th depression, 9th typhoon and 3rd super typhoon of the 2019 Pacific typhoon season, it was the strongest typhoon in decades to strike mainland Japan, and one of the largest typhoons ever recorded at a peak diameter of 825nmi. It was also the costliest Pacific typhoon on record, surpassing Typhoon Mireille's record by more than US$5 billion (when not adjusted for inflation).[124] In the resort town of Hakone, record rainfall of almost a meter (942.3 mm, 37.1 inches) fell in only 24 hours.[125] This adds to the effect of the pandemic on people's lives and the economy, the prime minister unveiling a 'massive" stimulus amounting to 20% of GDP.[126]

Turkey

See also: 2018–2023 Turkish currency and debt crisis. After a period of modest recovery in 2020 and early 2021 amid the COVID-19 pandemic, the Turkish lira plunged following the replacement of Central Bank chief Naci Ağbal with Şahap Kavcıoğlu,[127] who slashed interest rates from 19%[128] to 14%.[129] The lira lost 44% of its value in 2021 alone.[130]

Europe

The European Purchasing Managers' Index, a key indicator of economic activity, crashed to a record-low of 13.5 in April 2020.[131] Normally, any figure below 50 is a sign of economic decline.

Russia

A financial crisis began in the Russian Federation in late February 2022, in the days after the 2022 Russian invasion of Ukraine and the subsequent economic sanctions targeting the Russian banking sector, the Russian President Vladimir Putin, and his government.[132] [133] [134] The ruble fell to record lows as Russians rushed to exchange money.[135] [136] [137] [138] [139] Moscow and St Petersburg Stock Exchanges were suspended.[140] The Central Bank of Russia announced its first market interventions since the 2014 annexation of Crimea to stabilize the market. It also raised interest rates to 20% and banned foreigners from selling local securities.[141] The sanctions put Russia's sovereign wealth fund at risk of disappearing.[142] Long lines and empty ATMs have been reported in Russian cities.[143] [144]

United Kingdom

On 19 March 2020 the Bank of England cut the interest rate to a historic low of 0.1%.[145] Quantitative easing was extended by £200 billion to a total of £645 billion since the start of the Great Recession.[146] A day later, the Chancellor of the Exchequer Rishi Sunak announced the government would spend £350 billion to bolster the economy.[147] On 24 March non-essential business and travel were officially banned in the UK to limit the spread of SARS-CoV-2.[148] In April the Bank agreed to extend the government's overdraft facility from £370 million to an undisclosed amount for the first time since 2008.[149] Household spending fell 41.2% in April 2020 compared with April 2019.[150] April's Purchasing Managers' Index score was 13.8 points, the lowest since records began in 1996, indicating a severe downturn of business activity.[151]

By the start of May, 23% of the British workforce had been furloughed (temporarily laid off). Government schemes were launched to help furloughed employees and self-employed workers whose incomes had been affected by the outbreak, effectively paying 80% of their regular incomes, subject to eligibility.[152] The Bank estimated that the UK economy could shrink 30% in the first half of 2020 and that unemployment was likely to rise to 9% in 2021.[153] Economic growth was already weak before the crisis, with 0% growth in the fourth quarter of 2019.[154] On 13 May, the Office for National Statistics announced a 2% fall in GDP in the first quarter of 2020, including a then-record 5.8% monthly fall in March. The Chancellor warned it was very likely the UK was going through a significant recession.[155]

HSBC, which is based in London, reported $4.3 billion in pre-tax profits during the first half of 2020; this was only one-third of the profits it had taken in the first half of the previous year.[156]

On 12 August, it was announced that the UK had entered into recession for the first time in 11 years.[157]

See also

Notes and References

  1. News: Islam. Faisal. 20 March 2020. Coronavirus recession not yet a depression. BBC News. 16 April 2020.
  2. Web site: Hawkins. John. How will the coronavirus recession compare with the worst in Australia's history?. 16 April 2020. The Conversation.
  3. Web site: Stewart. Emily. 21 March 2020. The coronavirus recession is already here. 16 April 2020. Vox.
  4. News: Islam. Faisal. 20 March 2020. Coronavirus recession not yet a depression. BBC News. 26 March 2020.
  5. Web site: 25 March 2020. The coronavirus recession has arrived. 26 March 2020. The Canberra Times.
  6. News: Elliott. Larry. 14 April 2020. 'Great Lockdown' to rival Great Depression with 3% hit to global economy, says IMF. The Guardian. 15 April 2020. 0261-3077.
  7. Web site: World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery. 2020-09-11. IMF. en.
  8. Web site: The Great Lockdown: Worst Economic Downturn Since the Great Depression. 16 April 2020. IMF Blog.
  9. Web site: COVID-19 to Plunge Global Economy into Worst Recession since World War II. 2020-09-11. World Bank. en.
  10. Web site: The Great Recession Was Bad. The 'Great Lockdown' Is Worse.. 15 April 2020. BloombergQuint.
  11. Web site: IMF Says 'Great Lockdown' Worst Recession Since Depression, Far Worse Than Last Crisis. 15 April 2020. nysscpa.org.
  12. Web site: Winck. Ben. 14 April 2020. IMF economic outlook: 'Great Lockdown' will be worst recession in century. 27 April 2020. Business Insider.
  13. Web site: Elliot, Larry. 'Great Lockdown' to rival Great Depression with 3% hit to global economy, says IMF | Business. 27 April 2020. The Guardian. 14 April 2020 .
  14. News: Smith. Elliot. 28 February 2020. Global stocks head for worst week since the financial crisis amid fears of a possible pandemic. CNBC. live. https://web.archive.org/web/20200228210138/https://www.cnbc.com/2020/02/28/global-stocks-head-for-worst-week-since-financial-crisis-on-coronavirus-fears.html. 28 February 2020.
  15. Web site: Huang. Eustance. 28 February 2020. Seven major Asia-Pacific markets have tumbled into correction territory. live. https://web.archive.org/web/20200229141124/https://www.cnbc.com/2020/02/28/7-major-asia-pacific-markets-have-tumbled-into-correction-territory.html. 29 February 2020. 24 March 2020. CNBC. en.
  16. Web site: GmbH. finanzen net. Goldman Sachs now says US GDP will shrink 24% next quarter amid the coronavirus pandemic - which would be 2.5 times bigger than any decline in history Markets Insider. live. https://web.archive.org/web/20200326202721/https://markets.businessinsider.com/news/stocks/us-gdp-drop-record-2q-amid-coronavirus-recession-goldman-sachs-2020-3-1029018308. 26 March 2020. 24 March 2020. markets.businessinsider.com.
  17. Web site: Holliday. Anne. Gordmans Parent Company Files for Bankruptcy. 2020-05-17. WESB B107.5-FM/1490-AM WBRR 100.1 The Hero. en.
  18. Web site: The running list of 2020 retail bankruptcies. Retail Dive.
  19. Web site: Tuesday Morning files for bankruptcy with plans to close a third of its stores. 2020-08-15. Retail Dive. en-US.
  20. Web site: Stone. Madeline. GNC is closing 248 stores after filing for bankruptcy. Here's the full list.. 2020-08-15. Business Insider.
  21. Web site: Kavilanz. Parija. 9 July 2020. Coronavirus canceled office clothing. These stores are in big trouble. 14 July 2020. CNN.
  22. News: Office re-entry is proving trickier than last year's abrupt exit . . July 1, 2021 . 0013-0613.
  23. News: 2020-09-12 . Is the office finished?. The Economist. 2021-07-11. 0013-0613.
  24. News: Covid-19 has forced a radical shift in working habits . . September 12, 2020 . 0013-0613.
  25. Multiple sources:
  26. Web site: Weber . Alexander . February 2, 2022 . Euro-Zone Inflation Unexpectedly Hits Record, Boosting Rate Bets . live . https://web.archive.org/web/20220212182256/https://www.bloomberg.com/news/articles/2022-02-02/euro-zone-inflation-unexpectedly-quickens-to-record-testing-ecb . February 12, 2022 . Bloomberg.
  27. Web site: . January 14, 2022 . India's Dec WPI inflation at 13.56% as firms fight rising costs . live . https://web.archive.org/web/20220212182259/https://www.reuters.com/business/indias-dec-wpi-inflation-eases-marginally-1356-yy-govt-2022-01-14/ . February 12, 2022 . Reuters.
  28. Web site: Kihara . Leika . January 14, 2022 . Japan's wholesale inflation at near record high on broad price gains . live . https://web.archive.org/web/20220212182257/https://www.reuters.com/markets/asia/japans-wholesale-prices-rise-10th-month-weighs-corp-margins-2022-01-14/ . February 12, 2022 . Reuters.
  29. Web site: 2021-06-10. House prices in Australia and New Zealand among world's fastest growing in 2021. 2021-07-11. the Guardian. en.
  30. News: 2021-07-01. Does America's hot housing market still need propping up?. The Economist. 2021-07-11. 0013-0613.
  31. Web site: Australia's soaring house prices a 'ticking economic time bomb'. 2021-07-11. www.9news.com.au.
  32. News: 10 April 2020. Saudi Arabia and Russia Reach Deal to Cut Oil Production. Foreign Policy.
  33. News: Saudi Arabia, Russia agree to record oil cuts. The Sydney Morning Herald.
  34. News: 3 June 2020. Saudi, Russia agree oil cuts extension, raise pressure for compliance. Reuters.
  35. News: Covid is at the center of world's energy crunch, but a cascade of problems is fueling it . NBC News . 8 October 2021.
  36. News: Energy crisis: The blame game has begun - but are some of the claims just hot air? . Sky News . 22 September 2021.
  37. News: Don't Expect OPEC to Keep You Warm This Winter . Bloomberg . 17 October 2021.
  38. News: Energy crisis is wake up call for more investment, forum hears . Reuters . 20 October 2021.
  39. News: March 12, 2023 . Joint Statement by Treasury, Federal Reserve, and FDIC . . live . March 12, 2023 . https://web.archive.org/web/20230312222042/https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm . March 12, 2023.
  40. News: March 12, 2023 . Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors . . live . March 12, 2023 . https://web.archive.org/web/20230312230737/https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm . March 12, 2023.
  41. News: 19 March 2023 . Global banking crisis: What just happened? . . live . 20 March 2023 . https://web.archive.org/web/20230406012653/https://www.cnn.com/2023/03/17/business/global-banking-crisis-explained/index.html . April 6, 2023.
  42. News: 20 March 2023 . Global stocks sink after Credit Suisse takeover, amid fears of banking crisis . . live . 20 March 2023 . https://web.archive.org/web/20230411223657/https://www.latimes.com/business/story/2023-03-20/banking-crisis-credit-suisse-takeover-global-stocks . April 11, 2023.
  43. News: 19 March 2023 . Investors Say Banking Crisis Far From Over Even After UBS's Credit Suisse Deal . . 20 March 2023.
  44. Web site: Reuters. 2021-06-05. G7 nations reach historic deal to tax big multinationals. 2021-06-06. INQUIRER.net. en.
  45. News: Will Lina Khan bring a reckoning to Silicon Valley? She'll face major challenges.. en-US. Washington Post. 2021-07-11. 0190-8286.
  46. News: 2021-07-03. Is Facebook a monopolist?. The Economist. 2021-07-11. 0013-0613.
  47. News: 2021-07-08. Google faces new anti-trust lawsuit over app store. en-GB. BBC News. 2021-07-11.
  48. News: Olson. Sam Schechner and Parmy. 2021-06-22. Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses. en-US. Wall Street Journal. 2021-07-11. 0099-9660.
  49. News: 2021-03-20. Why did Alibaba's Jack Ma disappear for three months?. en-GB. BBC News. 2021-07-11.
  50. News: 2021-07-10. China seems intent on decoupling its companies from Western markets. The Economist. 2021-07-11. 0013-0613.
  51. Web site: Sigalos. MacKenzie. 2021-07-07. China's war on bitcoin just hit a new level with its latest crypto crackdown. 2021-07-11. CNBC. en.
  52. Web site: 2021-06-29. Big blow for cryptocurrency trading. 2021-07-11. NewsComAu. en.
  53. https://www.wto.org/english/news_e/news19_e/dgra_12dec19_e.htm Report shows trade restrictions by WTO members at historically high levels
  54. https://www.wto.org/english/tratop_e/region_e/region_e.htm Regional trade agreements
  55. https://www.theguardian.com/politics/2020/feb/03/uk-and-eu-set-out-contrasting-goals-for-post-brexit-trade-deal UK and EU set out contrasting goals for post-Brexit trade deal
  56. https://www.reuters.com/article/us-usa-trade-canada/canada-kicks-off-usmca-ratification-process-urges-bi-partisan-co-operation-idUSKBN1ZQ26L Canada kicks off USMCA ratification process, urges bi-partisan co-operation
  57. Web site: As Commons approves USMCA, Trudeau says Canada exploring whether to close border. MSN. live. https://web.archive.org/web/20200316154848/https://www.msn.com/en-ca/news/politics/as-commons-approves-usmca-trudeau-says-canada-exploring-whether-to-close-border/ar-BB119lcK. 16 March 2020. 15 March 2020.
  58. https://ihsmarkit.com/research-analysis/outlook-for-global-trade-in-2020.html Outlook for Global Trade in 2020
  59. News: 2020-11-15 . The meaning of RCEP, the world's biggest trade agreement . The Economist . 2020-11-16 . 0013-0613.
  60. https://www.africanliberty.org/2020/01/24/what-can-we-expect-from-africa-in-the-2020s/ What Can We Expect from Africa in the 2020s?
  61. https://www.reuters.com/article/us-mercosur-summit-argentina/south-american-bloc-eyes-fast-track-for-eu-trade-deal-idUSKCN1UC1PL South American bloc eyes fast-track for EU trade deal
  62. News: 2021-07-15. Will Sir Richard Branson's Virgin Galactic jaunt boost space tourism?. The Economist. 2021-07-18. 0013-0613.
  63. Web site: World Bank. 9 April 2020. COVID-19 (Coronavirus) Drives Sub-Saharan Africa Toward First Recession in 25 Years. 24 April 2020. World Bank. en.
  64. News: Coronavirus: World Bank predicts sub-Saharan Africa recession. BBC News. 5 June 2020.
  65. Web site: Villamil. Justin. 18 May 2020. China May Agree to Delay, Not Forgive, $150 Billion Africa Debt. 18 May 2020. Yahoo Finance. en-US.
  66. Web site: He. Laura. 19 June 2020. China is promising to write off some loans to Africa. It may just be a drop in the ocean. 19 June 2020. CNN.
  67. News: Taylor. Adam. 1 July 2021. Madagascar is headed toward a climate change-linked famine it did not create. Washington Post. 1 July 2021.
  68. News: 26 June 2021. UN says 400,000 are approaching starvation in Madagascar amid back-to-back droughts. France24. 1 July 2021.
  69. News: 8 July 2021. À Madagascar, la famine touche plus d'un million de personnes. French. In Madagascar, famine affects more than a million people. Media Part France. subscription. 8 July 2021.
  70. News: 2021-07-17. China Inc's new inconspicuous expansion. The Economist. 2021-07-18. 0013-0613.
  71. Web site: China's Central Bank Rules All Crypto Transactions Are Illegal. 2021-09-26. NDTV.com.
  72. News: China economy: will hot property market threaten post-pandemic rebound?. live. 2021-09-21. Financial Times. 10 November 2020 . https://web.archive.org/web/20201110050223/https://www.ft.com/content/c1144ffe-30f9-41d3-b033-bb82eca258b4 . 2020-11-10 .
  73. News: Dadouch. Sarah. 28 April 2020. Unrest escalates in Lebanon as currency collapses and prospect of hunger grows. The Washington Post.
  74. Web site: 1 June 2021. Lebanon Sinking into One of the Most Severe Global Crises Episodes, amidst Deliberate Inaction. The World Bank.
  75. News: 2021-07-15. The causes of Cuba's uprising lie at home. The Economist. 2021-07-18. 0013-0613.
  76. Web site: 2021-02-10. Day Zero: how and why Cuba unified its dual currency system LSE Latin America and Caribbean. 2021-07-18. LSE Latin America and Caribbean blog.
  77. News: Lopez. Oscar. Londoño. Ernesto. 2021-07-12. 'Everyone Has a Tipping Point': Hunger Fuels Cuba's Protests. en-US. The New York Times. 2021-07-18. 0362-4331.
  78. Web site: Bitcoin legal tender in El Salvador, first country ever. 2021-06-14. MercoPress. en.
  79. Web site: 2021-07-05. Mexico taps Pemex to run major oil find, ramping up energy nationalism. 2021-07-11. Reuters.
  80. Web site: May 2019. A closely followed recession indicator is flashing its most worrying sign in 12 years Markets Insider. live. https://web.archive.org/web/20190930224654/https://markets.businessinsider.com/news/stocks/yield-curve-inversion-3-month-10-year-yield-curve-inverts-2019-5-1028187644. 30 September 2019. Business Insider.
  81. Web site: May 2019. U.S. Yield Curve Inverts for the First Time Since March. Bloomberg L.P..
  82. News: Rushe. Dominic. Sainato. Michael. 9 April 2020. US unemployment rises 6.6m in a week as coronavirus takes its toll. The Guardian. 10 April 2020. 0261-3077.
  83. Web site: Yglesias. Matthew. 26 March 2020. Chart: New unemployment claims soar to 3.3 million, shattering previous records. 27 March 2020. Vox.
  84. News: 8 May 2020. U.S. Jobs Report Shows Clearest Data Yet on Economic Toll: Live Updates. The New York Times. 8 May 2020.
  85. Web site: 12 May 2020. The Employment Situation - April 2020. live. https://web.archive.org/web/20200508184109/https://www.bls.gov/news.release/pdf/empsit.pdf. 8 May 2020. 12 May 2020. Bureau of Labor Statistics.
  86. Web site: Molla. Rani. 16 March 2020. Chart: How coronavirus is devastating the restaurant business. 26 March 2020. Vox.
  87. Web site: Gilbertson. Dawn. American Airlines cuts 55,000 flights, parks 450 planes amid coronavirus: 'Fight of our lives'. 26 March 2020. USA Today.
  88. News: Valdes-Dapena. Peter. Yurkevich. Vanessa. GM, Ford and other automakers to halt production in the US. CNN. 26 March 2020.
  89. Web site: Wiseman. Paul. 19 May 2020. US home construction drops 30.2% in April as virus rages. 19 May 2020. Yahoo Finance. en-US.
  90. News: 13 July 2020. Millions Have Lost Health Insurance in Pandemic-Driven Recession. The New York Times.
  91. News: 14 July 2020. 5.4 million Americans have lost their health insurance. What to do if you're one of them. CNBC.
  92. Web site: 26 March 2020. The St. Louis Fed's Financial Stress Index, Version 2.0 FRED Blog. live. https://web.archive.org/web/20200327224916/https://fredblog.stlouisfed.org/2020/03/the-st-louis-feds-financial-stress-index-version-2-0/. 27 March 2020. The revised STLFSI, however, has increased sharply—reminiscent of the worst of the financial market turmoil during the Great Recession in 2008–2009—registering a value close to 5.8..
  93. Web site: 26 March 2020. St. Louis Fed Financial Stress Index (STLFSI2). live. https://web.archive.org/web/20200327222839/https://fred.stlouisfed.org/series/STLFSI2. 27 March 2020. FRED, Federal Reserve Bank of St. Louis.
  94. Web site: 30 April 2020. US consumer spending plunges 7.5% in March, reflecting virus. 30 April 2020. CNBC. en.
  95. News: Hughes. Siobhan. Andrews. Natalie. 27 March 2020. House Passes $2 Trillion Coronavirus Stimulus Package. en-US. Wall Street Journal. subscription. 0099-9660.
  96. Web site: 19 May 2020. Interim economic projections for 2020 and 2021. 30 May 2020. cbo.gov. en.
  97. Web site: 11 May 2020. Cramer: The pandemic led to a great wealth transfer. 5 June 2020. CNBC.
  98. News: Reinicke. Carmen. 30 July 2020. US GDP plunged by a record 33% annual rate in the 2nd quarter as coronavirus lockdowns raged. Business Insider. 31 July 2020.
  99. Web site: Fear reigns among Venezuelans as six more zeros are to be removed from local currency. 2021-10-03. MercoPress. en.
  100. Web site: Australia to see 25-year high in unemployment: Report. 15 April 2020. aa.com.tr.
  101. Web site: Ormsby. Grace. 14 April 2020. Treasury expects 10% unemployment. 15 April 2020. nestegg.com.au.
  102. Web site: Coronavirus (COVID-19) information and support-Coronavirus Supplement . www.dss.gov.au . Department of Social Services-Australian Government . 23 February 2021 . 10 February 2021 . ... the Coronavirus Supplement was paid to eligible income support recipients at a rate of $550 per fortnight from 27 April 2020 until 24 September 2020..
  103. News: 23 April 2020. Scott Morrison says JobSeeker payment will be cut after pandemic. SBS World News.
  104. News: 12 March 2020. Economic Stimulus Package. www.liberal.org.au. live. 20 March 2020. https://web.archive.org/web/20200320145833/https://www.liberal.org.au/latest-news/2020/03/12/economic-stimulus-package. 20 March 2020.
  105. News: Martin. Sarah. 12 March 2020. What the Australian government's $17bn coronavirus stimulus package means for you. The Guardian. live. 20 March 2020. https://web.archive.org/web/20200320041121/https://www.theguardian.com/business/2020/mar/12/what-australian-governments-coronavirus-stimulus-package-means-for-you-explainer. 20 March 2020.
  106. Web site: Scott. Jason. Alexandra Veroude. Alexandra. 11 March 2020. Australia Unveils A$17.6 Billion in Stimulus to Combat Virus. live. https://web.archive.org/web/20200320145822/https://www.bloomberg.com/news/articles/2020-03-11/australia-unveils-stimulus-plan-to-buttress-economy-from-virus. 20 March 2020. 20 March 2020. Bloomberg.
  107. News: 30 March 2020. Federal Government offers $130b in coronavirus wage subsidies for businesses to pay workers. ABC News. Australian Broadcasting Corporation. 30 March 2020. JobKeeper.
  108. News: 25 March 2020. Print Email Facebook Twitter More People urged to go home as lines form around Centrelink offices due to coronavirus, Stuart Robert admits not anticipating MyGov demand. ABC News. Australian Broadcasting Corporation. 31 March 2020. long-lines.
  109. News: Henriques-Gomes. Luke. 24 March 2020. Newly unemployed Australians queue at Centrelink offices as MyGov website crashes again. The Guardian. 26 March 2020. 0261-3077.
  110. Web site: Bonyhady. Nick. 25 March 2020. 'Surge in demand': 280,000 ask Centrelink for help in one day. 26 March 2020. The Sydney Morning Herald.
  111. Web site: Economic and Fiscal Update Treasury Ministers. 29 July 2020. ministers.treasury.gov.au.
  112. Web site: Kohler. Alan. 23 July 2020. Thursday Finance with Alan Kohler. ABC News.
  113. News: JobKeeper changes are now set in stone — here's what you need to know. ABC News. September 2020.
  114. Web site: $300 gone: JobKeeper changes to come into effect. au.finance.yahoo.com.
  115. News: Norman . Jane . Snape . Jack . Prime Minister argues $25 per week increase to JobSeeker is 'appropriate' . 23 February 2021 . www.abc.net.au . Australian Broadcasting Corporation . 22 February 2021 . en-AU . Morrison said: ... the payment was now at 41 per cent of minimum wage, the same level as during the Howard government..
  116. News: Bradsher. Keith. 16 April 2020. China's Economy Shrinks, Ending a Nearly Half-Century of Growth. en-US. The New York Times. 22 April 2020. 0362-4331.
  117. News: China's Hubei, Epicentre of Coronavirus Outbreak, Posts First-Quarter GDP Slump. Reuters. 22 April 2020. New York Times.
  118. Web site: South China Morning Post - China GDP: Beijing abandons 2020 economic growth target, Premier Li Keqiang confirms at NPC. live. https://web.archive.org/web/20200522031912/https://www.scmp.com/news/china/politics/article/3085552/two-sessions-2020-live-national-peoples-congress-gets-under-way. 22 May 2020. South China Morning Post. 22 May 2020.
  119. News: Noronha. Gaurav. 14 April 2020. IMF projects India's growth rate at 1.9% in 2020, forecasts global recession due to COVID-19. The Economic Times. 26 April 2020.
  120. News: Dhasmana. Indivjal. 14 April 2020. India to grow at 1.9% in FY21, recover to 7.4% path in 2021-22: IMF. Business Standard India. 26 April 2020.
  121. Web site: India, China to register positive growth rate despite Coronavirus: IMF DD News. 26 April 2020. ddnews.gov.in.
  122. Web site: ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE FIRST QUARTER (APRIL-JUNE) OF 2020-21. 31 August 2020. Government of India.
  123. News: 9 March 2020. Japan's Q4 GDP downgraded to annualized 7.1% contraction. Nikkei Asian Review. 20 April 2020. 23 July 2020. https://web.archive.org/web/20200723051439/https://asia.nikkei.com/Economy/Japan-s-Q4-GDP-downgraded-to-annualized-7.1-contraction. dead.
  124. Web site: Real-Time Northwest Pacific Ocean Statistics compared with climatology. 20 April 2020. Tropical.atmos.colostate.edu.
  125. News: 13 October 2019. Widespread floods after extreme rainfall brought by Typhoon "Hagibis" - dozens dead or missing, Japan. The Watchers. 20 April 2020.
  126. News: 6 April 2020. Abe unveils 'massive' coronavirus stimulus worth 20% of GDP. The Japan Times. 20 April 2020.
  127. News: Spicer . Jonathan Spicer . Erkoyun . Ezgi . 2021-03-22 . Turkish lira plunges to near record low after Erdogan sacks central bank chief . . live . 2021-10-25 . https://web.archive.org/web/20211027052052/https://www.reuters.com/article/us-turkey-cenbank-idUSKBN2BE0UF . 27 October 2021.
  128. Web site: Kidera . Momoko . 21 October 2021 . Turkey cuts interest rates again despite calls for course change . live . https://web.archive.org/web/20220125060725/https://asia.nikkei.com/Economy/Turkey-cuts-interest-rates-again-despite-calls-for-course-change . 25 January 2022 . 2021-10-22 . . en-GB.
  129. Web site: 2021-10-22 . Turkish lira drops to new all-time low after rates slashed . live . https://web.archive.org/web/20220126175837/https://www.cnbc.com/2021/10/22/turkish-lira-drops-to-new-all-time-low-after-rates-slashed.html . 26 January 2022 . 2021-10-24 . . en.
  130. Turak, Natasha (January 13, 2022). Erdogan blames Turkey’s currency problems on ‘foreign financial tools’ as central bank reserves fall. CNBC.
  131. Web site: Amaro. Silvia. 23 April 2020. European business activity crashes to 'shocking' lows on coronavirus pandemic. 24 April 2020. CNBC. en.
  132. Web site: Melander . Ingrid . Gabriela . Baczynska . 24 February 2022 . EU targets Russian economy after 'deluded autocrat' Putin invades Ukraine . live . https://web.archive.org/web/20220226002323/https://www.reuters.com/world/europe/eu-launch-new-sanctions-against-russia-over-barbaric-attack-ukraine-2022-02-24/ . 26 February 2022 . 26 February 2022 . Reuters.
  133. Web site: 25 February 2022 . China State Banks Restrict Financing for Russian Commodities . live . https://web.archive.org/web/20220225234148/https://www.bloomberg.com/news/articles/2022-02-25/chinese-state-banks-restrict-financing-for-russian-commodities . 25 February 2022 . 26 February 2022 . Bloomberg News.
  134. Web site: 25 February 2022 . Western Countries Agree To Add Putin, Lavrov To Sanctions List . live . https://web.archive.org/web/20220226005425/https://www.rferl.org/a/eu-sanctions-putin-lavrov/31723682.html . 26 February 2022 . 26 February 2022.
  135. Web site: Thompson . Mark . Russian stocks crash 33% and ruble plunges to record low . live . https://web.archive.org/web/20220224230229/https://edition.cnn.com/2022/02/24/investing/ruble-russian-stocks-crash/index.html . 24 February 2022 . 25 February 2022 . CNN.
  136. Web site: 24 February 2022 . Moscow Exchange resumes trading on its markets at 10:00am . live . 24 February 2022 . 24 February 2022 . . https://web.archive.org/web/20220224092209/https://www.moex.com/n41373.
  137. News: 24 February 2022 . Russian stocks nosedive 20% as trading resumes on Moscow Exchange . . live . 24 February 2022 . https://web.archive.org/web/20220224073740/https://economictimes.indiatimes.com/markets/stocks/news/russian-stocks-nosedive-20-as-trading-resumes-on-moscow-exchange/articleshow/89794446.cms . 24 February 2022 . Mudgill . Amit.
  138. Web site: 24 February 2022 . Moscow Exchange has suspended trading on all of its markets until further notice . live . https://web.archive.org/web/20220224092135/https://www.moex.com/n41370 . 24 February 2022 . 24 February 2022 . Moscow Exchange.
  139. News: 24 February 2022 . Moscow Exchange suspends trading on all markets . . live . 24 February 2022 . https://web.archive.org/web/20220224060330/https://www.reuters.com/business/moscow-exchange-suspends-trading-all-markets-2022-02-24/ . 24 February 2022 . Anastasia . Teterevleva . Maxim . Rodionov.
  140. News: 24 February 2022 . Moscow, Saint Petersburg Exchanges Say Trading Suspended . . . live . 24 February 2022 . https://web.archive.org/web/20220224073804/https://www.barrons.com/news/moscow-stock-exchange-says-trading-suspended-01645679707?refsec=afp-news . 24 February 2022.
  141. News: 28 February 2022 . Ukraine war: sanctions-hit Russian rouble crashes as Zelenskiy speaks of 'crucial' 24 hours . en . the Guardian . live . 28 February 2022 . https://web.archive.org/web/20220228124416/https://www.theguardian.com/world/2022/feb/28/ukraine-war-sanctions-hit-russian-rouble-crashes-as-zelenskiy-speaks-of-crucial-24-hours . 28 February 2022.
  142. News: 27 February 2022 . Russians queue for cash as West targets banks over Ukraine . en . Reuters . live . 28 February 2022 . https://web.archive.org/web/20220227213223/https://www.reuters.com/world/europe/russians-queue-cash-west-targets-banks-over-ukraine-2022-02-27/ . 27 February 2022.
  143. News: 27 February 2022 . Russians queue for cash as West targets banks over Ukraine . en . Reuters . live . 28 February 2022 . https://web.archive.org/web/20220227213223/https://www.reuters.com/world/europe/russians-queue-cash-west-targets-banks-over-ukraine-2022-02-27/ . 27 February 2022.
  144. Web site: Footage shows long line at Moscow ATM as sanctions against Russia have residents scrambling . live . https://web.archive.org/web/20220227161221/https://www.timesofisrael.com/liveblog_entry/footage-shows-long-line-at-moscow-atm-as-sanctions-against-russia-have-residents-scrambling/ . 27 February 2022 . 28 February 2022 . www.timesofisrael.com . en-US.
  145. News: 19 March 2020. Coronavirus: UK interest rates cut to lowest level ever. BBC News. 19 March 2020.
  146. Web site: Quantitative Easing. 16 April 2020. Bank of England.
  147. News: 20 March 2020. Highlights: UK's Sunak goes all out to avert economic collapse. Reuters. 16 April 2020.
  148. Burgess. Matt. 11 May 2020. When will lockdown end? The UK's new lockdown rules, explained. 11 May 2020. Wired.
  149. News: Giles. Chris. Georgiadis. Philip. 9 April 2020. Bank of England to directly finance UK government's extra spending. Financial Times. 11 May 2020.
  150. News: Giles. Chris. 11 May 2020. Coronavirus hit household spending much harder than BoE assumed. Financial Times. 11 May 2020.
  151. News: Romei. Valentina. 5 May 2020. UK business activity drops to lowest level on record. Financial Times. 10 May 2020.
  152. News: Elliott. Larry. 4 May 2020. Nearly a quarter of British employees furloughed in last fortnight. The Guardian. 11 May 2020.
  153. News: Giles. Chris. 7 May 2020. BoE warns UK set to enter worst recession for 300 years. Financial Times. 7 May 2020.
  154. Web site: 31 March 2020. Gross Domestic Product: Quarter on Quarter growth: CVM SA %. 10 May 2020. Office for National Statistics.
  155. News: Elliott. Larry. 13 May 2020. Britain is facing 'significant recession', says Rishi Sunak. The Guardian. 13 May 2020.
  156. Web site: Toh. Michelle. 3 August 2020. HSBC posts sharp fall in profits and warns of 'challenging' US-China tensions. 3 August 2020. CNN.
  157. News: Szu Ping Chan. Plummer. Robert. 12 August 2020. UK officially in recession for first time in 11 years. BBC News. 12 August 2020.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "2020s in economic history".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.