More data continues to show the the rate of infection in parts of the United States is slowing down, especially in hard-hit New York State. However, this is not the time for social distancing measures to be lifted, with many officials calling for residents to keep their movements as restricted as possible to help contain the spread.
"We're in a battle, right, but this is about a war," New York Governor Andrew Cuomo stated during his Thursday press conference. "Before you start talking about restarting the economy, you're going to have to address the damage done to society today, which is intense."
Total Global Cases: Over 1.6 million
Total Deaths: At Least 95,000
Total Recovered: At Least 356,000
Economic Blunder
Lockdown and social distancing measures have crippled the global economy. The International Monetary Fund Managing Director Kristalina Georgieva stated on Thursday that the agency anticipates, "the worst economic fallout since the Great Depression," due to the coronavirus pandemic. Analysts at JPMorgan
It seems that the global economic impact the coronavirus is bringing is unavoidable. In the past three weeks, more than 16 million Americans have filed for unemployment benefits, with many more awaiting approval as many states have expressed that their systems were never designed to handle that much volume.
Adding more to the bleak economic outlook, the government's $2 trillion relief package is not providing the robust stimulus that it was intended to give, leading to jobs in almost every industry being cut. Currently, the Senate is in discussions over an additional $250 billion in small business relief to meet the unprecedented need. However, legislators were not able to come to a bipartisan agreement on Thursday, putting the added stimulus on hold as Congress recesses.
The Federal Reserve issued another round of emergency measures to keep the economy moving on Thursday, dolling out another $2.3 trillion in programs to support the fragile economy.
Across the Atlantic Ocean, the European Union finance ministers have agreed to a loan package worth more than half a trillion to help member nations that are struggling under the enormous weight of COVID-19. In recent time, hard-hit countries like Italy have criticized the E.U. for not issuing enough aid. The €540 billion ($590 million) stimulus package will provide €100 billion in unemployment relief, €200 billion for small business loans and up to €240 billion in bailout funds for member nations to aid in their health care related costs. The package is set to be approved next week.
Vaccine Hopefuls
Pfizer
A new study from researchers at the University of Hong Kong has concluded that lockdown measures in China were effective in stopping the first wave of the pandemic, but warn that a second wave will happen without a vaccine if restriction measures are lifted. The study, published in the Lancet medical journal, modeled the virus's spread in China and concluded that their is an increased risk of new infections, partially from travelers, if a vaccine is not introduced into the population. That means that efforts to restart the economy will only bring another potential outbreak.
Amazon Research
Amazon
"We are not sure how far we will get in a relevant time frame, but we think it's worth trying and we stand ready to share anything we learn with other," Amazon's statement read.
