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Fed: US faces severe economic downturn

WASHINGTON0 (AFP) – The world’s biggest economy faces a severe downtown but will not suffer another Great Depression, US Fed chief Jerome Powell said on Sunday, as three hardest-hit countries in Europe reported low death tolls and lockdowns eased.

Italy recorded the fewest deaths from coronavirus, 145, in one day since its two-month lockdown began, while Spain had 87 new virus-related deaths – the first time the number has fallen below 100 in two months.

Restaurants, bars, and cafés will be among the businesses allowed to reopen from Monday in Italy, and Spain will also further relax its lockdown measures, except in Madrid and Barcelona.

Britain also registered its lowest daily increase since late March, with 170 fatalities. However, that number did not include Northern Ireland due to a technical issue – and these figures are often lower on weekends due to lags in reporting.

With a worldwide virus death toll above 315,000 and the global economy reeling from the vast damage caused by stay-at-home orders, numerous European countries are lifting restrictions to provide much-needed respite for their beleaguered and impatient populations.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/18/fed-us-faces-severe-economic-downturn/)

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