PARIS, Aug 1 — Devastating economic data poured in yesterday as nations counted the cost of efforts to contain the coronavirus pandemic, even as fresh spikes forced countries including Britain to put the brakes on a return to normality. Six months after the World Health Organisation (WHO)...
France’s economy contracted by 13.8 per cent in the April-June quarter, mirroring similar devastation in Spain , Portugal and Italy . — AFP pic
In a sign of the terrible trade-offs being forced on governments, Britain imposed new lockdowns in several northern counties yesterday, just as Western Europe announced historic economic slumps that would have been nightmare scenarios at the start of the year. Meanwhile, in the United States — the world’s biggest economy and hardest-hit nation — jobless Americans were bracing for an end to extra unemployment payments yesterday after Congress failed to reach a deal on extending benefits.
But many businesses are in freefall, with airline conglomerate IAG, the owner of British Airways, posting a first-half loss of €3.8 billion and UK bank NatWest sliding into the red, while Dutch airline KLM and Swedish truck maker Scania each said they were shedding 5,000 jobs.While strict European lockdowns were effective in bringing cases and deaths under control, an uptick in cases means the restrictions are far from over, even if they have become more localised and specific.
Britain also delayed plans to reopen casinos, bowling alleys and skating rinks, due to begin today, while also putting off plans to resume indoor performances and increase stadium crowds.
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