A currency crash pushes the qana me to the brink. And along with Everything Else going on a giant asteroid is due to herschel to earth in the next few hours. The economic effects of the pandemic are being felt in many sectors of the Global Economy right now but aviation and oil in particular ahead in the biggest player after already announcing it would cut production by a 3rd and that the company was bleeding cash at an unprecedented speed and us has posted a 1st quarter loss of half a 1000000000. 00 the chief executive of the European Aerospace company is warning it is quote the greatest crisis the industry has ever known its us rival boeings already announced plans to cut as many as 7000. 00 jobs with its chief executive predicting Global Airline revenues could drop over 300000000000 dollars this year and. The industry will take years to recover and in the u. K. British airways is set to cut up to 12000. 00 jobs which is around a 3rd of its workforce airlines suspended 96 percent of
Keeps getting worse for the airlines the industry warns carriers will lose 314000000000. 00 in revenue with 80 percent of flights grounded. When somebody is the president of the United States the authority has told. Donald trump to close hell decide when the u. S. Economy reopens but state governors say nothing will change until its safe. As the infection rate slows in australia business groups push for restrictions to be lifted. The International Monetary fund says the coronavirus pandemic will cost the worlds economies 9. 00 trillion dollars over the next 2 use warning comes as countries around the world face prolonged lock downs as they try to contain the outbreak the i. M. F. Chief Economist Says it is the worst economic shock since the Great Depression of the 1930 s. Flattening the spread of coal with 19 using lock downs allows Health Systems to cope with this crises which then prove permits a resumption of economic activity. In the sense there is no tradeoff between saving lives