Economic crisis looms for US due to Covid-19 driven unemployment

16 July 2020 (Last Updated July 16th, 2020 11:34)

16 July

Economic crisis looms in the US, the UK is set to suffer a major GDP decline, and the Eurozone recovery will be impacted by the end of subsidised jobless schemes.

Macroeconomic influencers tracked by GlobalData share the latest updates on the Covid-19 impact on global economies.

Claudia Sahm, a policy analyst, opines that the US government must continue Covid relief measures to the unemployed until they find work and adds that jobless benefits must be enhanced.

Sahm also says that funding for the CARES Act needs to be increased three-fold because economic crisis looms in the US, causing income loss to 40% of American families, some 20% of which have lost the major income earner due to the coronavirus pandemic.

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