Planes, cars, oil, GDP… the coronavirus bill comes due
Massive falls in economic output, huge losses at stalwarts such as the oil majors, plane manufacturers, carmakers — the world is now paying the bill for the pandemic as growing uncertainty clouds the outlook.
The numbers are brutal.
The United States, the world’s largest economy, contracted by a nerve-shredding 32.9 percent in the second quarter at an annualised rate.
US jobless claims also continued to rise, pointing to a slowdown in the recovery.
Europe’s biggest economy, Germany — said to have done better than most so far — shrank 10.1 percent in the second quarter compared with the first three months of the year.
