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US GDP to fall by -32.9%, Europe's by -40.3%

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Region of Dwipantara
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Psychotic Dictatorship

US GDP to fall by -32.9%, Europe's by -40.3%

Postby Region of Dwipantara » Sun Aug 02, 2020 9:11 am

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Business Insider wrote:It's official: The coronavirus pandemic has led to the worst GDP slump in American history.

US gross domestic product fell at an annualized rate of 33% in the second quarter, the Commerce Department said on Thursday. It's the largest fall on record dating back to the 1940s. Economists had expected a roughly 35% annualized drop, according to Bloomberg data.

The historic drop in output reflected the worst months of pandemic-related shutdowns to control the spread of COVID-19 and followed a 4.8% contraction in the first quarter that ended the longest expansion in US history.

In April, much of the country was operating under strict stay-at-home orders that brought much activity to a halt. While activity picked up again in May and June as states started to reopen, it wasn't enough to undo the damage of the lockdowns.

"The decline in second quarter GDP reflected the response to COVID-19, as 'stay-at-home' orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses," the Bureau of Economic Analysis report said.

The US is now grappling with spikes in COVID-19 cases that have threatened to derail the economic recovery from the pandemic recession. Many states have had to pause or roll back reopening plans to deal with new coronavirus cases, weighing on economic activity. Unemployment remains high, and consumer sentiment has slumped.

While stark, the historic GDP figures may appear worse than they are, because they are reported as an annualized rate. The forecast GDP drop of 35% on an annualized basis actually means the economy was about 10% smaller in the second quarter than in the first months of the year.

Still, the economy shrinking by 10% in one quarter is also a record slump. And Thursday's figure is the first of three estimates, meaning it could be revised to reflect an even sharper contraction.

Economists expect that economic activity has picked up as states have reopened; those surveyed by Bloomberg expect that the economy will grow at an 18% annualized rate in the third quarter. Even though that would be a record positive jump, it would still leave GDP far below pre-pandemic levels.

https://www.businessinsider.com/us-q2-g ... ?r=US&IR=T

Well, that's August 2020 for you. So much for the "Trump Economic Boom".
Image

The second quarter GDP report confused many, but any way you slice it, the economy saw its worst quarter in at least 145 years. Now, an individual company dropping by 33% would be a disaster for them. If a third of the entire stock market was Thanos snapped, it'll make terrifying headlines.
The GDP is something else entirely. It reflects the entire US economy. As a comparison for the largest quarterly US GDP drops ever:
  • 2008 Great Recession "peaked" at a -8% GDP reduction.
  • 1929 Great Depression "peaked" at a -30% GDP reduction.
A contraction of -33% would meant the total wipe out of all economic growth from during all of Obama and Trump administration. Is this calamity that bad? Well, yes, but there are some important caveats:

Firstly, it might important to see where the economy really contracts. GDP is the total of four economic sectors:
  1. Household Spending: -39%. However, this drop is primarily caused by the fall in the consumption of services, which fell by -49%. It's reasonable to assume that these figures would shoot back up to reasonable levels once it is safe to go out and do so. Meanwhile, despite the doom and gloom about unemployment and pay cuts, average household income actually increased. Since they're spending less on both goods and services, the extra money will now go to either savings or paying off debt. Saving money might result in a slowdown of the current economy, but it means that people will have more to spend later, meaning that recovery can be somewhat achieved. Maybe.
  2. Government Spending: +11%, driven primarily by the gargantuan stimulus packages (also known as "brrrrrrr") that the US govt handed out to both businesses and private individuals.
  3. Investment: -49%, an unbelievable figure. This means 1) new businesses aren't getting funded, and 2) those extra cash (a lot came from the Almighty Money Printer) are sitting idle. Normally, saving your money in the bank is good because the bank will lend and invest that money to other sectors. But an investment drop of that magnitude means that even the banks has largely stopped doing that. If this cash isn't spent, it might as well not exist. But if this cash is suddenly circulated rapidly, it'll cause big time inflation. When the pandemic is over, big shots will probably spend the insane amount of cash on an investment spree, but the economic calamity meant only a few mediocre to good investment-worthy businesses survived, the rest has degraded into bad "zombie" companies. So all of the money will then go to reasonable companies, such as Tesla, and jack up the value that it stopped being reasonable and start to resemble a bubble.
  4. Exports - Imports: -12%. However, this is a *net* figure only concerned about the net difference between export and import. The reality is far worse, as both export and import fell by more than 50% primarily due to travel restrictions. If anything, GDP measurement severely downplays the serious implications of these figures.

Secondly, the -32.9% US GDP shrink is *annualized*, so it does not mean that the economy shrunk by 33% in one quarter (three months). Rather, it mEReLy fell by -9.5%. Extrapolate that for 12 months and you'll get the apocalyptic -32.9% figure.

Forbes wrote:When it reports quarterly GDP, the BEA presents the data several different ways to aid in analysis. Among them, GDP is presented as:
  • A percentage rate of growth or contraction from one quarter to the next. This figure was -9.5% in the preliminary Q2 GDP report.
  • A percentage rate of growth or contraction in the quarter on an annualized basis. This was the -32.9% figure in the preliminary Q2 GDP report.
That latter, annualized rate projects how much the economy would grow or shrink if the rate of change seen in the quarter continued at the same pace for four consecutive quarters, with some adjustments for seasonality and compounding effects.

https://www.google.com/amp/s/www.forbes ... eally/amp/


Thirdly, this is better than expected, because economists predict a contraction of 36%. Instead, it only contracted by 33%. "Yay"!

More significantly, 2020 can be the end of growth as a given. Demand has shrunk despite an increase in household income. And by """household income increase"""", I mean something almost entirely driven by government stimulus whose result is either crippling debt or horrific runaway inflation if real growth isn't able to keep up with the pace of the Almighty Money Printer. One of the most significant sector to come into play is welfare, as govts had set end dates for many specific relief packages. The US's $600 weekly unemployment benefit ends on the 31st of July. If no specific replacement is confirmed, the savings that people will stockpile --a major part for future recovery-- will quickly be sucked into emergency funding needed to buy food and survive. At the *same time*, mortgage and rent relief period is coming to an end (as already discussed by another thread), a.k.a. potential mass evictions of millions.

Added with the investment problem above, this means that average people will have too little money while the rich has too much money that it endangers the economy. But this time will be worse than the past. The 2000 Dot Com bubble is triggered by mad malinvestments in the tech sector, resulting in the collapse of worthless startup companies that largely impacted tech investors. The 2008 financial crisis is triggered by mad malinvestments in the housing market, ending the collapse of worthless subprime mortgage that largely impacted huge financial institutions. Things like this forms the cycle of alternating boom-crash of the modern economy. Boom is caused by a cash surplus leading to a spending spree on unhealthy sectors, resulting in a temporary gain and then a crash.
In 2020, the boom-crash hasn't even happened yet. The pandemic caused a structural recession, Big Rich hoard money, then the govt prints additional money. It is very likely that this money will then be rapidly reinvested into the economy, resulting in a boom-crash cycle. A.k.a., two recessions in a row AND crippling debt from all the printing and spending. Have I mentioned about the millions of potential homeless and record unemployment?

Primary Source: https://www.youtube.com/watch?v=Im0rzTWplwU&t=126s

Good riddance. I don't see these problems getting solved, and let's not forget that Big Banks and the lobbyist army will try to exploit this situation and pillage as much cash from the US govt as possible. Of course, half of this eschatological disaster hasn't happened yet, but I mean come one. Years of low interest rate during a booming economy has resulted in the piling of bad debt anyways, and Covid is just a supercatalyst that successfully exacerbated the crisis to the moon.

Edit: Meanwhile, this is the Europe's condition for comparison. I'm not too informed on EU economics, so I don't have too much to say for now. But TL; DR, they shrank -11.9% in Q2 while the annualized contraction is -40.3%.

Fox Bussiness wrote:The Eurozone suffered its greatest contraction on record, exceeding the U.S. economy’s record plunge.

A report by the European Union’s statistics agency published a report on Friday that showed the trade zone’s GDP contracted by 12.1 percent during the three months through June, which is equivalent to 40.3 percent annualized. That exceeded the U.S. economy’s equivalent 32.9 percent contraction, the Wall Street Journal reported. While most countries report GDP changes between quarters, the U.S. extrapolates GDP over a full year, which makes it easier to compare GDP in different time periods.

The contraction marks the greatest drop in the Eurozone’s GDP since records began in 1995. The largest drops were concentrated in April and May during the most severe lockdown measures in some countries.

The number accounts for the 19-country Eurozone and not the European Union as a whole, though. The wider European Union's GDP shrank 11.9 percent.

https://www.google.com/amp/s/www.foxbus ... record.amp
Last edited by Region of Dwipantara on Mon Aug 03, 2020 3:03 am, edited 8 times in total.
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Postby The Black Forrest » Sun Aug 02, 2020 9:22 am

What’s funny is the banks. Have they really been discussed let alone mentioned in this problem?

They are part of what is exacerbating the problem. Debt collection and all.

I was preliminary talking to two companies over a job and they reported closing the positions due to the economy.
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Postby La xinga » Sun Aug 02, 2020 9:27 am

Region of Dwipantara wrote:Well, that's August 2020 for you. So much for the "Trump Economic Boom".

Oh come on, you don't get to blame everything on Trump.
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Postby The Black Forrest » Sun Aug 02, 2020 9:29 am

La xinga wrote:
Region of Dwipantara wrote:Well, that's August 2020 for you. So much for the "Trump Economic Boom".

Oh come on, you don't get to blame everything on Trump.


Everything? Nah. Making it worse? Absolutely.
*I am a master proofreader after I click Submit.
* There is actually a War on Christmas. But Christmas started it, with it's unparalleled aggression against the Thanksgiving Holiday, and now Christmas has seized much Lebensraum in November, and are pushing into October. The rest of us seek to repel these invaders, and push them back to the status quo ante bellum Black Friday border. -Trotskylvania
* Silence Is Golden But Duct Tape Is Silver.
* I felt like Ayn Rand cornered me at a party, and three minutes in I found my first objection to what she was saying, but she kept talking without interruption for ten more days. - Max Barry talking about Atlas Shrugged

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Region of Dwipantara
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Postby Region of Dwipantara » Sun Aug 02, 2020 9:30 am

La xinga wrote:
Region of Dwipantara wrote:Well, that's August 2020 for you. So much for the "Trump Economic Boom".

Oh come on, you don't get to blame everything on Trump.

I know, but I also know that Trump's original plan in the past is to create an economic boom and then get reelected. Now that plan obviously out of the window, so I can't help to rub additional lemon to the wound :D
Last edited by Region of Dwipantara on Sun Aug 02, 2020 9:31 am, edited 1 time in total.
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Postby La xinga » Sun Aug 02, 2020 9:30 am

Region of Dwipantara wrote:
La xinga wrote:Oh come on, you don't get to blame everything on Trump.

I know, but I also know that Trump's original plan is to create an economic boom and them reelected. Now it's obviously out of the window, and I can't help to rub additional lemon to the wound :D

The Black Forrest wrote:
La xinga wrote:Oh come on, you don't get to blame everything on Trump.


Everything? Nah. Making it worse? Absolutely.

He did wanna open stuff back up.
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Postby The Supreme Vatican Caliphate » Sun Aug 02, 2020 9:33 am

Yes, and that’s what made it worse.

COVID, at least. Which then prompted every state outside of the Northeast to shut back down again.
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Postby The Black Forrest » Sun Aug 02, 2020 9:34 am

La xinga wrote:
Region of Dwipantara wrote:I know, but I also know that Trump's original plan is to create an economic boom and them reelected. Now it's obviously out of the window, and I can't help to rub additional lemon to the wound :D

The Black Forrest wrote:
Everything? Nah. Making it worse? Absolutely.

He did wanna open stuff back up.


And? The Pandemic isn’t over. Those that did open things up saw their infection rates explode. The CDC has a prediction we will see 20000 dead in the next 3 weeks.

If trump was a leader...hell even a good manager....proper handling the of pandemic and the expected effects in the early days would have lessoned the casualties and the hurt on the economy.
*I am a master proofreader after I click Submit.
* There is actually a War on Christmas. But Christmas started it, with it's unparalleled aggression against the Thanksgiving Holiday, and now Christmas has seized much Lebensraum in November, and are pushing into October. The rest of us seek to repel these invaders, and push them back to the status quo ante bellum Black Friday border. -Trotskylvania
* Silence Is Golden But Duct Tape Is Silver.
* I felt like Ayn Rand cornered me at a party, and three minutes in I found my first objection to what she was saying, but she kept talking without interruption for ten more days. - Max Barry talking about Atlas Shrugged

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Postby Post War America » Sun Aug 02, 2020 9:35 am

La xinga wrote:
Region of Dwipantara wrote:Well, that's August 2020 for you. So much for the "Trump Economic Boom".

Oh come on, you don't get to blame everything on Trump.


You can certainly blame a lot on him however. Sure, he didn't start the virus, and sure part of the lackluster response of the United States to the pandemic can be placed on decades of divestment from emergency preparedness, especially national public health. The fact that we didn't learn, mangled our management of the shutdown, mangled management of the government aid, and still now have large portions of the general public, up to and including powerful government officials ignoring the existential threat the Coronavirus poses, can and should be laid largely or indeed exclusively at the feet of POTUS.
Last edited by Post War America on Sun Aug 02, 2020 9:37 am, edited 1 time in total.
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Postby The Reformed American Republic » Sun Aug 02, 2020 9:35 am

La xinga wrote:
Region of Dwipantara wrote:Well, that's August 2020 for you. So much for the "Trump Economic Boom".

Oh come on, you don't get to blame everything on Trump.

Trump is a failure. Get over it.

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Region of Dwipantara
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Postby Region of Dwipantara » Sun Aug 02, 2020 9:37 am

La xinga wrote:
Region of Dwipantara wrote:I know, but I also know that Trump's original plan is to create an economic boom and them reelected. Now it's obviously out of the window, and I can't help to rub additional lemon to the wound :D

The Black Forrest wrote:
Everything? Nah. Making it worse? Absolutely.

He did wanna open stuff back up.

If the numbers jumped right after a mass opening and spiralled out of control, there will be an obvious urge to lockdown again and the the combined result could've be much worse.

Meanwhile, the money printing. I'm not too informed on how the decision making goes, but right now it's an obvious ticking time bomb. Financial institutions has even termed situations like this, where the rich has too much money and rapid investment spree will lead to major problems, as "dry powder". A little bit can get things going, a lot just result in a bang.
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Postby Region of Dwipantara » Sun Aug 02, 2020 9:41 am

Anyways, no wonder I saw a prediction that China take over the US as the world's #1 economy in 2024. The CCP are lying shills that fabricated Covid figures, but even they are clearly much less disastrous than the Trump administration.
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Postby La xinga » Sun Aug 02, 2020 9:42 am

The Black Forrest wrote:
La xinga wrote:
He did wanna open stuff back up.


And? The Pandemic isn’t over. Those that did open things up saw their infection rates explode. The CDC has a prediction we will see 20000 dead in the next 3 weeks.

If trump was a leader...hell even a good manager....proper handling the of pandemic and the expected effects in the early days would have lessoned the casualties and the hurt on the economy.

Indeed, but you can't blame him for this.
Post War America wrote:
La xinga wrote:Oh come on, you don't get to blame everything on Trump.


You can certainly blame a lot on him however. Sure, he didn't start the virus, and sure part of the lackluster response of the United States to the pandemic can be placed on decades of divestment from emergency preparedness, especially national public health. The fact that we didn't learn, mangled our management of the shutdown, mangled management of the government aid, and still now have large portions of the general public, up to and including powerful government officials ignoring the existential threat the Coronavirus poses, can and should be laid largely or indeed exclusively at the feet of POTUS.

He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?
The Reformed American Republic wrote:
La xinga wrote:Oh come on, you don't get to blame everything on Trump.

Trump is a failure. Get over it.

An opinion.
Region of Dwipantara wrote:
La xinga wrote:
He did wanna open stuff back up.

If the numbers jumped right after a mass opening and spiralled out of control, there will be an obvious urge to lockdown again and the the combined result could've be much worse.

Meanwhile, the money printing. I'm not too informed on how the decision making goes, but right now it's an obvious ticking time bomb. Financial institutions has even termed situations like this, where the rich has too much money and rapid investment spree will lead to major problems, as "dry powder". A little bit can get things going, a lot just result in a bang.

Read TBF's post.
He created everything, and he was forever and will always be. He is perfect and his word is always true. He will never change his word, and YOU would not be reading this signature if it was not for him to allow your eyes to see!
Average religious person. Nothing collided with nothing, the Almighty did everything, and the world is 5781 years old. Deal with it.
No, please don't argue! I'm innocent!

Yes, we may too, may all of us be innocent.

Unless you're not...

WAMP WAMP!
#KAG2020

If you support capitalism, put this in your signature.
Hi, The east pacific!
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The Reformed American Republic
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Postby The Reformed American Republic » Sun Aug 02, 2020 9:46 am

La xinga wrote:
The Black Forrest wrote:
And? The Pandemic isn’t over. Those that did open things up saw their infection rates explode. The CDC has a prediction we will see 20000 dead in the next 3 weeks.

If trump was a leader...hell even a good manager....proper handling the of pandemic and the expected effects in the early days would have lessoned the casualties and the hurt on the economy.

Indeed, but you can't blame him for this.
Post War America wrote:
You can certainly blame a lot on him however. Sure, he didn't start the virus, and sure part of the lackluster response of the United States to the pandemic can be placed on decades of divestment from emergency preparedness, especially national public health. The fact that we didn't learn, mangled our management of the shutdown, mangled management of the government aid, and still now have large portions of the general public, up to and including powerful government officials ignoring the existential threat the Coronavirus poses, can and should be laid largely or indeed exclusively at the feet of POTUS.

He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?
The Reformed American Republic wrote:Trump is a failure. Get over it.

An opinion.
Region of Dwipantara wrote:If the numbers jumped right after a mass opening and spiralled out of control, there will be an obvious urge to lockdown again and the the combined result could've be much worse.

Meanwhile, the money printing. I'm not too informed on how the decision making goes, but right now it's an obvious ticking time bomb. Financial institutions has even termed situations like this, where the rich has too much money and rapid investment spree will lead to major problems, as "dry powder". A little bit can get things going, a lot just result in a bang.

Read TBF's post.

No not an opinion. He mishandled a crisis and that is a fact. He lies more than other politicians, etc. He doesn't know what he is doing but people like you irrationally worship the man.

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Postby Heloin » Sun Aug 02, 2020 9:47 am

La xinga wrote:
Post War America wrote:
You can certainly blame a lot on him however. Sure, he didn't start the virus, and sure part of the lackluster response of the United States to the pandemic can be placed on decades of divestment from emergency preparedness, especially national public health. The fact that we didn't learn, mangled our management of the shutdown, mangled management of the government aid, and still now have large portions of the general public, up to and including powerful government officials ignoring the existential threat the Coronavirus poses, can and should be laid largely or indeed exclusively at the feet of POTUS.

He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?

The WHO declared a Global Pandemic on March 11, that's nearly five months ago. At that time the US had 269 confirmed cases. And before that they'd made it pretty clear that this was a serious issue which was ignored.
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Postby The Black Forrest » Sun Aug 02, 2020 9:48 am

La xinga wrote:
The Black Forrest wrote:
And? The Pandemic isn’t over. Those that did open things up saw their infection rates explode. The CDC has a prediction we will see 20000 dead in the next 3 weeks.

If trump was a leader...hell even a good manager....proper handling the of pandemic and the expected effects in the early days would have lessoned the casualties and the hurt on the economy.

Indeed, but you can't blame him for this.


Blame him? For the existence of the pandemic? That’s just a simple minded argument the trumpests make all the time.

His incompetence and general lack of concern made it as bad as it is here.

Unless in times of war or basically enemies.....at the top of my head; I can’t think of a time where Americans were banned from entering countries......
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The Black Forrest
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Postby The Black Forrest » Sun Aug 02, 2020 9:51 am

Heloin wrote:
La xinga wrote:He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?

The WHO declared a Global Pandemic on March 11, that's nearly five months ago. At that time the US had 269 confirmed cases. And before that they'd made it pretty clear that this was a serious issue which was ignored.


Indeed. He still maintains our infections came from China and he lessoned it because he blocked Chinese nationals from entering. Everybody else?.....come on in!

Right now it’s believed the infections mainly migrated from Europe......
*I am a master proofreader after I click Submit.
* There is actually a War on Christmas. But Christmas started it, with it's unparalleled aggression against the Thanksgiving Holiday, and now Christmas has seized much Lebensraum in November, and are pushing into October. The rest of us seek to repel these invaders, and push them back to the status quo ante bellum Black Friday border. -Trotskylvania
* Silence Is Golden But Duct Tape Is Silver.
* I felt like Ayn Rand cornered me at a party, and three minutes in I found my first objection to what she was saying, but she kept talking without interruption for ten more days. - Max Barry talking about Atlas Shrugged

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La xinga
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Psychotic Dictatorship

Postby La xinga » Sun Aug 02, 2020 9:51 am

The Reformed American Republic wrote:
La xinga wrote:Indeed, but you can't blame him for this.

He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?
An opinion.
Read TBF's post.

No not an opinion. He mishandled a crisis and that is a fact. He lies more than other politicians, etc. He doesn't know what he is doing but people like you irrationally worship the man.

You could blame a lot of it on the WHO, China, etc.
The Black Forrest wrote:
La xinga wrote:Indeed, but you can't blame him for this.


Blame him? For the existence of the pandemic? That’s just a simple minded argument the trumpests make all the time.

His incompetence and general lack of concern made it as bad as it is here.

Unless in times of war or basically enemies.....at the top of my head; I can’t think of a time where Americans were banned from entering countries......

It's a pandemic, are you blaming the fact that Americans cannot go anywhere on Trump?
Heloin wrote:
La xinga wrote:He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?

The WHO declared a Global Pandemic on March 11, that's nearly five months ago. At that time the US had 269 confirmed cases. And before that they'd made it pretty clear that this was a serious issue which was ignored.

Donald Trump said the lockdown was a matter for governors, not the state.
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Post War America
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Postby Post War America » Sun Aug 02, 2020 9:52 am

La xinga wrote:
Post War America wrote:
You can certainly blame a lot on him however. Sure, he didn't start the virus, and sure part of the lackluster response of the United States to the pandemic can be placed on decades of divestment from emergency preparedness, especially national public health. The fact that we didn't learn, mangled our management of the shutdown, mangled management of the government aid, and still now have large portions of the general public, up to and including powerful government officials ignoring the existential threat the Coronavirus poses, can and should be laid largely or indeed exclusively at the feet of POTUS.

He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?


He was downplaying the scale of the problem as late as fucking June, and encouraging reopening by early April, after it was declared a pandemic.
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La xinga
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Psychotic Dictatorship

Postby La xinga » Sun Aug 02, 2020 9:53 am

Post War America wrote:
La xinga wrote:He was supposed to know? The WHO didn't even declare it a pandemic yet, how would he know if it's like SARS or worse?


He was downplaying the scale of the problem as late as fucking June, and encouraging reopening by early April, after it was declared a pandemic.

He wanted to make people less miserable, not downplay.
He created everything, and he was forever and will always be. He is perfect and his word is always true. He will never change his word, and YOU would not be reading this signature if it was not for him to allow your eyes to see!
Average religious person. Nothing collided with nothing, the Almighty did everything, and the world is 5781 years old. Deal with it.
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Heloin
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Democratic Socialists

Postby Heloin » Sun Aug 02, 2020 9:53 am

La xinga wrote:
Heloin wrote:The WHO declared a Global Pandemic on March 11, that's nearly five months ago. At that time the US had 269 confirmed cases. And before that they'd made it pretty clear that this was a serious issue which was ignored.

Donald Trump said the lockdown was a matter for governors, not the state.

Deflecting is fun.
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Region of Dwipantara
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Psychotic Dictatorship

Postby Region of Dwipantara » Sun Aug 02, 2020 9:55 am

Meanwhile, as a comparison, Europe's economy shrunk by 11.9% in Q2, which is worse than the US's 9.5%. However, that's Q2; an annual projection leaves the EU far better off, at least if I'm reading this right.
Euronews wrote:The eurozone economy shrank by 12.1 per cent in the second quarter of 2020 compared to the previous one — the biggest drop on record, Eurostat announced on Friday.

Gross Domestic Product (GDP) for the whole European Union is meanwhile projected to have fallen by 11.9 per cent, according to preliminary estimates by the bloc's official statistics agency.

The EU Commission warned in May that it expected the bloc to go through a "recession of historic proportions" in 2020 and doubled down on the statement earlier this month, announcing it expected the recession to be "even deeper" than it had initially forecast.

Brussels now projects that the economy of the 19 countries using the common currency will contract by 8.7 per cent this year. GDP for the wider EU is expected to shrink 8.3 per cent.

https://www.google.com/amp/s/www.eurone ... -on-record


So... China rules the world? Well, not yet, but losing a third of the economy + a potential second recession in the horizon + crippling national debt would obviously be a blow to the US's position. And I'm not seeing an easy way out either.
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Organized States
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Civil Rights Lovefest

Postby Organized States » Sun Aug 02, 2020 9:55 am

La xinga wrote:
Post War America wrote:
He was downplaying the scale of the problem as late as fucking June, and encouraging reopening by early April, after it was declared a pandemic.

He wanted to make people less miserable, not downplay.

Clearly he did not care about the reality that 1-in-5 Americans over the age of 70 were going to die.
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Organized States
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Civil Rights Lovefest

Postby Organized States » Sun Aug 02, 2020 9:56 am

Region of Dwipantara wrote:Meanwhile, as a comparison, Europe's economy shrunk by 11.9% in Q2, which is worse than the US's 9.5%. However, that's Q2; an annual projection leaves the EU far better off, at least if I'm reading this right.
Euronews wrote:The eurozone economy shrank by 12.1 per cent in the second quarter of 2020 compared to the previous one — the biggest drop on record, Eurostat announced on Friday.

Gross Domestic Product (GDP) for the whole European Union is meanwhile projected to have fallen by 11.9 per cent, according to preliminary estimates by the bloc's official statistics agency.

The EU Commission warned in May that it expected the bloc to go through a "recession of historic proportions" in 2020 and doubled down on the statement earlier this month, announcing it expected the recession to be "even deeper" than it had initially forecast.

Brussels now projects that the economy of the 19 countries using the common currency will contract by 8.7 per cent this year. GDP for the wider EU is expected to shrink 8.3 per cent.

https://www.google.com/amp/s/www.eurone ... -on-record


So... China rules the world? Well, not yet, but losing a third of the economy + a potential second recession in the horizon + crippling national debt would obviously be a blow to the US's position. And I'm not seeing an easy way out either.

We're assuming that China's numbers are correct and accurate. It's not entirely clear how long they've been fudging the numbers on growth to appear more economically prosperous than they are.

The reality is, the moment they kick out numbers that show anything but growth, the CCP is going to become very unpopular.
Thank God for OS!- Deian
"In the old days, the navigators used magic to make themselves strong, but now, nothing; they just pray. Before they leave and at sea, they pray. But I, I make myself strong by thinking—just by thinking! I make myself strong because I despise cowardice. Too many men are afraid of the sea. But I am a navigator."-Mau Piailug
"I regret that I have only one life to give to my island." -Ricardo Bordallo, 2nd Governor of Guam
"Both are voyages of exploration. Hōkūle‘a is in the past, Columbia is in the future." -Colonel Charles L. Veach, USAF, Astronaut and Navigation Enthusiast

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La xinga
Minister
 
Posts: 3435
Founded: Jul 12, 2019
Psychotic Dictatorship

Postby La xinga » Sun Aug 02, 2020 9:56 am

Heloin wrote:
La xinga wrote:Donald Trump said the lockdown was a matter for governors, not the state.

Deflecting is fun.

Is this supposed to be a threadjack or something?
Organized States wrote:
La xinga wrote:He wanted to make people less miserable, not downplay.

Clearly he did not care about the reality that 1-in-5 Americans over the age of 70 were going to die.

He is over the age of seventy.
He created everything, and he was forever and will always be. He is perfect and his word is always true. He will never change his word, and YOU would not be reading this signature if it was not for him to allow your eyes to see!
Average religious person. Nothing collided with nothing, the Almighty did everything, and the world is 5781 years old. Deal with it.
No, please don't argue! I'm innocent!

Yes, we may too, may all of us be innocent.

Unless you're not...

WAMP WAMP!
#KAG2020

If you support capitalism, put this in your signature.
Hi, The east pacific!
GLORIOUS AMERICANIUM IMPERIUM!
Creationist, pro-life, straight.
ALL LIVES MATTER!

Nation in TEP. Don't endorse me if I am over 400 endos. Still a long way to go!

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