Slowdown being witnessed by major economies

Economists are trying to put into context the shock that the world must absorb. On Tuesday, the International Monetary Fund put the damage at Great Depression levels.

— France is forecasting an 8% drop in growth this year and is staring down its worst recession since World War II. And that 8% drop may be optimistic, Finance Minister Bruno Le Maire said Tuesday.

Unemployment benefits and aid for struggling businesses coupled with plunging growth could push France’s deficit up 9% in 2020.

North America is in lockdown but regions struck early by the coronavirus are moving toward the post-pandemic normal. Those attempts could provide a road map.

— Italian book, stationary and children’s stores were allowed to open nationwide Tuesday, provided they could maintain the same social-distancing and safety measures required of supermarkets.

Poland will gradually lift restrictions Sunday on businesses and individuals. The number of people allowed into shops will be increased and some restrictions on pubic movement will be lifted.

— Audi restarted operations at its Hungarian plant, though at a very limited scale. A single shift of about 100 employees began assembling V6 engines Tuesday, with another V6 engine assembly line expected to restart by the end of the week.

— Austria is allowing small retailers, DIY businesses and gardening supply stores to reopen Tuesday. Customers will be required to wear masks and maintain social distancing.

Source: AP