ABC News' chief economics correspondent Rebecca Jarvis breaks down what to know after Bloomberg economics found a 100% probability of a recession within the next 12 months. #ABCNews #recession #economy...(read more)
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Recession Forecast Hits 100%: Bloomberg l GMA With the global economy grappling with the impacts of the ongoing COVID-19 pandemic, economists and financial institutions have been closely monitoring the possibility of a recession. Bloomberg, the renowned financial news and data platform, along with GMA, one of the Philippines' leading news networks, recently reported that the recession forecast has hit 100%. The term "recession" refers to a significant decline in economic activity, typically characterized by a substantial drop in gross domestic product (GDP) over two consecutive quarters. This economic contraction is often accompanied by rising unemployment rates, declining consumer spending, and decreased business investment. Bloomberg's prediction of a 100% recession likelihood comes as no surprise given the widespread economic disruptions caused by COVID-19. The pandemic has triggered global lockdown measures and travel restrictions, leading to the suspension of various business operations and negatively impacting supply chains on a global scale. These factors, combined with reduced consumer demand and increased uncertainty, have contributed to a sharp contraction in economic activity across multiple sectors. As nations struggle to contain the virus and develop effective treatment strategies, the global economic landscape remains uncertain. Governments worldwide have implemented aggressive fiscal and monetary measures to mitigate the effects of the recession, such as providing financial aid packages, implementing interest rate cuts, and injecting liquidity into financial markets. In the Philippines, GMA reports that the country has experienced its first contraction in GDP since 1998 due to the pandemic and is now officially in a recession. The Philippine economy relies heavily on consumer spending and remittances from overseas Filipino workers, both of which have been significantly impacted by the current crisis. The government is implementing various measures, including fiscal stimulus packages, to support affected industries and help lead the country towards recovery. However, the road to economic recovery remains challenging. High levels of uncertainty still surround the timeline for developing a vaccine and effectively distributing it globally. In the meantime, businesses are struggling to adapt to changing consumer behavior and adjust their operations to comply with strict health and safety protocols. Amidst the concerning economic statistics, it is crucial to remember that a recession is not unusual during times of crisis. History has demonstrated that economies are resilient and have the ability to recover, given time and appropriate measures. Additionally, the pandemic has also accelerated digital transformation, forcing industries to innovate and adapt to new ways of conducting business. This adaptation could potentially speed up economic recovery by creating new avenues for growth and productivity. While the recession forecast hitting 100% is undoubtedly a cause for concern, it is crucial to remain vigilant and informed. Governments, businesses, and individuals must continue to prioritize health and safety while simultaneously working towards economic stabilization and recovery. The cooperation and efforts of all stakeholders will ultimately determine how quickly nations can bounce back from this extraordinary global crisis. As economists and analysts continue to monitor the economic landscape, it is important for individuals to remain financially informed and make sound decisions in uncertain times. https://inflationprotection.org/recession-forecast-bloomberg-and-gmas-prediction-reaches-100/?feed_id=110454&_unique_id=64957b698e459 #Inflation #Retirement #GoldIRA #Wealth #Investing #abc #abcnews #areweheadedforarecessionin2022 #Bloomberg #bloombergrecession #bloombergreports #canweavoidarecession #EconomicNews #economy #fedinterestrates #gdp #GlobalRecession #gma #goodmorningamerica #isitrecessioncomingin2023 #jobs #money #news #p_cmsid2494279 #p_vidnews91668790 #recession #recession2022 #recession2023 #recessionfears #reports #stockmarket #U.S.economy #u.s.grossdomesticproduct #whatisthechanceofarecession #RecessionNews #abc #abcnews #areweheadedforarecessionin2022 #Bloomberg #bloombergrecession #bloombergreports #canweavoidarecession #EconomicNews #economy #fedinterestrates #gdp #GlobalRecession #gma #goodmorningamerica #isitrecessioncomingin2023 #jobs #money #news #p_cmsid2494279 #p_vidnews91668790 #recession #recession2022 #recession2023 #recessionfears #reports #stockmarket #U.S.economy #u.s.grossdomesticproduct #whatisthechanceofarecession
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