This discussion was held by videoconference. Good morning, good afternoon and good evening depending on where you are. Thank you for joining us. Im Vice President of the Global Economy and Development Programs at brookings Global Economy. Disrupting billions of life and jeopardizing progress. The Global Economic process which relates to todays conversation from a five of present and global gdp in 2020. This is the cheapest global recession since world war ii. Its a report defined by fundamental drivers of longterm growth including investment which would slow capital formation. Beyond the headline Economic Growth number, the pandemic is having a proportionate effect lower Income Countries in a way the economy isd dominated most limited ability to adjust to covid related measures such as confinement. Similarly, most vulnerable population in the economy are more exposed. The pandemic is likely to leave a legacy of water inequality between and within countries. Disruptive of the pandemic f
Where you are. Thank you for joining us for this Virtual Event on the po postcovid global outlook. Im a senior fellow and vicepresident of the economy and Development Program at brookings. The Global Economy is sharp, unprecedented in its depth. And the pandemic and responses have brought countries and economies to a standstill disrupting billions of lives and jeopardizing decades of development progress. The june edition of the World Bank Global economic prospects which motivates todays conversations envisions a 5 1 4 contraction of global gdp in 2020. This is the deepest global recession since world war ii and the largest collapse in per capita income since 1870. Its a timely report thats informed by assessment of the fundamental drivers of longterm growth, including the collapsing investments which will slow capital formations and in Human Capital and the location of trade and supply linkages among others. The pandemic is having a proportionate effect on lower Income Countries where
From new york and across this nation today, any number of themes, but there are two front and center. The Vice President will speak in scranton, pennsylvania before ending the hour and jobless claims well over one million widely expected. All of that devolving into the layoffs here, the layoffs presumed to come and it sets us off for an American Labor economy that must be addressed. With that, the Market Reaction, as well. Jon ferro, the news flow has really been on recently and crescendos this morning into these announcements of job cuts at too Many Companies. Arethan by any standard we in a labor market crisis. There is a ton of work still to come. What we have seen from the Big Companies is they are starting to right size the business. We talked about this we talked about this week ago on the program. Companies are turning around after the shutdown and saying, we have to cut into this new world because we are not returning to normal anytime soon. You highlighted this yesterday, that
Ago where i was on 101st street in new york and i counted seven ambulances, two of them working very quickly with very sick patients. Its not new york, washington, or boston. Its across the nation. I use this word very selectively. It is grim this morning in the sunbelt of america. Francine it certainly is when you look at the numbers. We will get to our number. We spent a lot of time looking at the number of people infected by one person. Lets get to the bloomberg first word news. Mentioned, some of the biggest states seeing a jump in Coronavirus Infections and that has thrown reopenings into disarray. Cases surging in texas, florida, and arizona. California broke a record for new cases. County, florida has become the latest jurisdiction to make Wearing Masks mandatory. Borders are open again the European Union may keep americans out. They are discussing lifting the ban on nonessential travel at the beginning of next week. Hispoint being looked at u. S. Citizens not being allowed into
States. President trump says masks are good but will not accept that they should be law trade newesters detained under security rules. Citizenship. Offer u. S. Futures are opening flat. Duringa mixed session the regular trading day. Gained, but the dow underperformed. We have positive sentiment coming from vaccine manufacturers. Optimism is a little bit offset by the surging virus cases. Eight of the 11 sectors closed higher. Composite ended at a record high. Oil, it of pressure on is down below 40 per barrel. We saw a rally during the new york session. Since the biggest drop december. New zealand, trading is underway. Chicago nikkei futures pointing to a mixed start across japan. Are looking like we can see up just over 1 at the start of the session. The aussie is holding unchanged. Strategists are not clear about the direction for this risk exposed currency. Organ stanley is bullish jpmorgans calls saying we could see low 60s as a result of the slowdown in global growth. Hours of chi