Source: Swati Pandey Reuters, globalnews.ca, June 28, 2020 Many Australians are facing unemployment, and non-Australian’s are unable to access to Centrelink government’s welfare payments. Coronavirus has done to Australia what even the global financial crisis couldn’t: abruptly end a record growth run and help trigger a deep recession from which the country will take time… Continue reading As COVID Recovery Begins, Australia Faces Worst Recession in 30 Years
Tag: recession
Bank of England to Pump £100bn Into UK Economy After COVID-19 Downturn
Source: Szu Ping Chan, bbc.com, June 18, 2020 The UK economy shrank by 20.4% in April, and the number of workers on payrolls fell by more than 600,000 between March and May. Bank policymakers voted 8-1 to increase the size of its bond-buying programme. However, they said there was growing evidence that the hit to… Continue reading Bank of England to Pump £100bn Into UK Economy After COVID-19 Downturn
Canadian Households Face Huge COVID-19 Debt Crisis
Source: David Akin, globalnews.ca, June 08, 2020 Deferrals won’t last forever, and eventually, the bills will come again. The coronavirus pandemic that began as a public health crisis then metastasized into an economic crisis is likely to finish as a debt crisis that could end up swamping not only some governments but also hundreds of… Continue reading Canadian Households Face Huge COVID-19 Debt Crisis
Canadian Municipalities Could Face $20b Budget Shortfall Due to Coronavirus
Source: CBC Radio, cbc.ca, June 07, 2020 Unlike other levels of government, municipalities cannot run a deficit budget by law. Many Canadians may grumble this month as they open their property tax assessments. But by this time next year, that grumble could turn into a scream if municipalities can’t figure out different ways to bring… Continue reading Canadian Municipalities Could Face $20b Budget Shortfall Due to Coronavirus
In Some Regions, Canadian House Prices Could Drop by 25%
Source: THE CANADIAN PRESS, globalnews.ca, May 28, 2020 The drop in home prices will come along with a “historic recession” this year as the economic shock of COVID-19 continues to grow. Canada’s housing agency says it expects home prices and sales will decline substantially this year and still won’t have recovered by the end of… Continue reading In Some Regions, Canadian House Prices Could Drop by 25%