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One of the first orders of business for incoming President Joe Biden will be rescuing the economy, battered from the COVID-19 pandemic. The health of our nation is at stake,” Biden said.
Biden is pitching a $1.9 trillion stimulus plan. It includes more direct payments and enhanced unemployment aid, among other measures.
“Without further action, we risk a longer, more painful recession now – and longer-term scarring of the economy later,” said Janet Yellen, former chair of the Federal Reserve and Treasury Secretary nominee.
But some economists say economic recovery can t begin until the coronavirus is under control.
“The most important of the Biden plan is to accelerate the vaccinations, to make sure we get the money into our public health system so that we can actually beat this virus,” said James Angel, associate professor of finance at Georgetown University.
The East African
Tuesday January 12 2021
Taxpayers are assisted to file their returns at Kenya Revenue Authority, iTax Support Centre in Nairobi last year. Although the tax rates had dropped on account of the pandemic, they went back to previous percentages. PHOTO | FILE | NMG
Summary
Despite hopes for a better year, a review of the macroeconomic situation in some EAC countries paints a gloomy picture, not fitting expectations.
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The celebratory New Year mood did not last long for many citizens of East Africa.
Individuals are facing the tough economic realities of 2021, weighed down by weakening macroeconomic indicators and depletion of disposable incomes, signalling difficult times ahead.
Sean Kilpatrick/The Canadian Press
Along with much of the world, Canada’s economy has suffered from the COVID-19
pandemic and other events in 2020, notably the shock to global oil markets. How badly? An examination of the immediate data and longer trends indicates significant damage, with a lengthy recovery period ahead.
Let’s start with labour markets, where there are signs of recovery but also growing evidence of damage. The unemployment rate exploded to nearly 14
per cent from 6 per cent during the shutdown
from March to May. The rate has dropped steadily since as many displaced workers have been re-engaged, but the second pandemic wave and renewed shutdowns in many provinces have meant more job losses. Employment fell by 63,000 in December, and the unemployment rate rose slightly to 8.6 per cent.