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August 3, 2020

Economic News From Across The Globe

 

  • As CNN reported on July 31, the European economy contracted at an 11.9 percent rate in the second quarter of 2020, the continent’s worst reading on record. Europe’s GDP had fallen 3.2 percent in the first quarter. CNN noted, “Recent surveys of business activity suggest Europe’s economy is now in recovery mode. But the specter of another wave of coronavirus cases looms. Germany’s center for disease control, the Robert Koch Institute, said this week that a recent spike in cases was ‘very disturbing.’ In France, new daily cases have crept back to the same level as when its lockdown lifted in early May. Spain and Italy have also recorded increases.”