Japan’s economy rebounded sharply in the last three months of 2020, government data showed Monday, extending its recovery from the coronavirus’ devastating effect in the first half of the year.

But the growth was fragile and could be easily disrupted, analysts warned, at least in the short term. A second state of emergency declared at the end of last year is likely to drag the economy down again, and — as with many countries — it will most likely take years for certain business sectors, such as tourism, and consumer confidence to recover.

Japan’s economy, the world’s third largest after the United States and China, grew 3% during the October to December period, for an annualized growth rate of 12.7%. It was the country’s second consecutive quarter of growth.

<a href="https://www.wionews.com/videos/japans-economy-performed-better-than-expected-in-last-quarter-363682">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/japans-economy-performed-better-than-expected-in-last-quarter-363682/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The economy had jumped 5.3% in the fiscal third quarter as the country emerged from a national emergency and regained a semblance of normalcy.

“The biggest drivers of this quarter’s growth were exports and consumer spending,” said Toshihiro Nagahama, senior economist at the Dai-Ichi Life Research Institute, as economies released pent-up demand for Japanese goods that had built up during the early months of the pandemic.

Japan’s growth last quarter was “a bit of a mechanical rebound from an unnatural sort of drop” created by global lockdowns and skittish consumers, said Izumi Devalier, the chief Japan economist at Bank of America Merrill Lynch.

But the surge in exports over the past months, driven by growth in capital goods and the tech sector, has “been incredible” she said.

The Japanese economy had entered 2020 in a weakened state brought about by a rise in the national consumption tax, a stark drop in trade with China and a devastating typhoon. The pandemic then struck a major blow. As other economies crashed, Japan’s shrank in its worst performance since 1955, when the country began using gross domestic product to measure its economy.

But thanks in large part to the country’s efforts to keep the pandemic under control, Japan avoided the worst of the economic damage that savaged the United States and much of Europe.

This fall, while many consumers in the West sheltered in place, people in Japan were traveling, eating out and going to movies. One film, “Demon Slayer: Mugen Train,” set a domestic box-office record, outpacing the former champion in a few short months. Government subsidies for travel lifted domestic tourism, although such travel may have also spread the virus.

At the same time, huge government stimulus efforts helped keep people in jobs and companies in business. Japan’s unemployment rate stood at just 2.9% by the end of December versus 2.1% at the same time the year before. Bankruptcies actually dropped 6.5% in 2020, according to Teikoku Databank, a credit research company.

In contrast to the economic damage, the country’s stock market is riding high, benefiting from monetary policies that have kept interest rates ultra low and pumped money into equities markets. On Monday morning, the Nikkei hit 30,000 for the first time since Japan’s economic bubble burst 30 years ago.

Still, the past two quarters of growth did not make up for the damage wreaked by the pandemic. The economy ended down 4.8% for the year, the first annual contraction since 2009, when the country was suffering from the fallout of the global financial crisis.

While people in Japan are not facing the same level of short-term economic peril as those in the United States, growth is expected to contract again in the first three months of this year.

After a steep rise in daily infection counts, Japan declared a second, albeit more limited, state of emergency at the beginning of January. Initially announced for one month, the edict was extended through early March partly in response to the appearance of new, more contagious variants of the coronavirus.

“Because of the emergency declaration, consumer spending, particularly on services, is going to fall” in the first three months of the year, said Akane Yamaguchi, an economist at the Daiwa Institute of Research.

But, she said, the damage will not be nearly as severe as last spring, when lockdowns destroyed demand for exports and Japan’s national emergency extended across the whole country.

In the longer term, as the world continues to grapple with the pandemic, there will likely be “repeated shocks on consumption” as case numbers rise and fall while exports will stay strong, said Devalier, of Bank of America.

“I think it’s almost going to be a tale of two economies in 2021,” she said.

Further complicating the economic picture for 2021, Japan has been slow to start vaccinations.

On Sunday, the Pfizer shot became the first to receive approval from Japanese regulators. Frontline health care workers are expected to receive their first doses this week, but it will be months before the public is eligible.

The pandemic’s effects have been much less severe in Japan than in the West. Total deaths are under 7,000, and daily infection levels peaked in early January at around 8,000. But a robust vaccination program could give more people the confidence to return to shops and restaurants, said Nagahama, of Dai-Ichi Life Research.

To get the economy back on track in the long run, “increasing vaccination rates is the only option,” he said. “Without that, any monetary or fiscal measures you take are pointless.”

Japan’s economy rebounded sharply in the last three months of 2020, government data showed Monday, extending its recovery from the coronavirus’ devastating effect in the first half of the year.

Japan’s economy rebounded sharply in the last three months of 2020, government data showed Monday, extending its recovery from the coronavirus’ devastating effect in the first half of the year. But the growth was fragile and could be easily disrupted, analysts warned, at least in the short term. A second state of emergency declared at the end of last year is likely to drag the economy down again, and — as with many countries — it will most likely take years for certain business sectors, such as tourism, and consumer confidence to recover. Japan’s economy, the world’s third largest after the United States and China, grew 3% during the October to December period, for an annualized growth rate of 12.7%. It was the country’s second consecutive quarter of growth. WATCH| The economy had jumped 5.3% in the fiscal third quarter as the country emerged from a national emergency and regained a semblance of normalcy. “The biggest drivers of this quarter’s growth were exports and consumer spending,” said Toshihiro Nagahama, senior economist at the Dai-Ichi Life Research Institute, as economies released pent-up demand for Japanese goods that had built up during the early months of the pandemic. Japan’s growth last quarter was “a bit of a mechanical rebound from an unnatural sort of drop” created by global lockdowns and skittish consumers, said Izumi Devalier, the chief Japan economist at Bank of America Merrill Lynch. But the surge in exports over the past months, driven by growth in capital goods and the tech sector, has “been incredible” she said. The Japanese economy had entered 2020 in a weakened state brought about by a rise in the national consumption tax, a stark drop in trade with China and a devastating typhoon. The pandemic then struck a major blow. As other economies crashed, Japan’s shrank in its worst performance since 1955, when the country began using gross domestic product to measure its economy. But thanks in large part to the country’s efforts to keep the pandemic under control, Japan avoided the worst of the economic damage that savaged the United States and much of Europe. This fall, while many consumers in the West sheltered in place, people in Japan were traveling, eating out and going to movies. One film, “Demon Slayer: Mugen Train,” set a domestic box-office record, outpacing the former champion in a few short months. Government subsidies for travel lifted domestic tourism, although such travel may have also spread the virus. At the same time, huge government stimulus efforts helped keep people in jobs and companies in business. Japan’s unemployment rate stood at just 2.9% by the end of December versus 2.1% at the same time the year before. Bankruptcies actually dropped 6.5% in 2020, according to Teikoku Databank, a credit research company. In contrast to the economic damage, the country’s stock market is riding high, benefiting from monetary policies that have kept interest rates ultra low and pumped money into equities markets. On Monday morning, the Nikkei hit 30,000 for the first time since Japan’s economic bubble burst 30 years ago. Still, the past two quarters of growth did not make up for the damage wreaked by the pandemic. The economy ended down 4.8% for the year, the first annual contraction since 2009, when the country was suffering from the fallout of the global financial crisis. While people in Japan are not facing the same level of short-term economic peril as those in the United States, growth is expected to contract again in the first three months of this year. After a steep rise in daily infection counts, Japan declared a second, albeit more limited, state of emergency at the beginning of January. Initially announced for one month, the edict was extended through early March partly in response to the appearance of new, more contagious variants of the coronavirus. “Because of the emergency declaration, consumer spending, particularly on services, is going to fall” in the first three months of the year, said Akane Yamaguchi, an economist at the Daiwa Institute of Research. But, she said, the damage will not be nearly as severe as last spring, when lockdowns destroyed demand for exports and Japan’s national emergency extended across the whole country. In the longer term, as the world continues to grapple with the pandemic, there will likely be “repeated shocks on consumption” as case numbers rise and fall while exports will stay strong, said Devalier, of Bank of America. “I think it’s almost going to be a tale of two economies in 2021,” she said. Further complicating the economic picture for 2021, Japan has been slow to start vaccinations. On Sunday, the Pfizer shot became the first to receive approval from Japanese regulators. Frontline health care workers are expected to receive their first doses this week, but it will be months before the public is eligible. The pandemic’s effects have been much less severe in Japan than in the West. Total deaths are under 7,000, and daily infection levels peaked in early January at around 8,000. But a robust vaccination program could give more people the confidence to return to shops and restaurants, said Nagahama, of Dai-Ichi Life Research. To get the economy back on track in the long run, “increasing vaccination rates is the only option,” he said. “Without that, any monetary or fiscal measures you take are pointless.”

Japan’s growth rebounds, but virus-related weakness looms

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States' third massive pandemic aid package.

Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world's largest economy.

Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month.

"The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction."

Top Senate Democrat Chuck Schumer and House Speaker Nancy Pelosi embraced Biden's plan, vowing to put it before lawmakers.

"We will get right to work to turn President-elect Biden's vision into legislation that will pass both chambers and be signed into law," they said in a joint statement.

But this is just the first step, and the officials said Biden intends to present a second "recovery" plan to lawmakers soon after his inauguration on Wednesday aimed at spurring hiring and fighting climate change.

"We'll use taxpayers' dollars to rebuild America. We'll buy American products, supporting millions of American manufacturing jobs, enhancing our competitive strength in an increasingly competitive world," Biden said.

The government on Thursday reported a spike in new jobless claim filings in the first week of 2021 to nearly a million, its highest level since August, while official data last week showed the economy shed jobs in December.

Biden, 78, will take office after a tumultuous transition that saw a violent mob invade the US Capitol, egged on by outgoing President Donald Trump, as lawmakers were meeting to certify the Democrat's election victory.

His stimulus proposal builds on two massive relief packages Congress approved in 2020, both increasing and extending through September unemployment benefits that have helped tens of millions of people pay their bills after losing their jobs during the pandemic.

It additionally calls for devising a way to maintain those programs if unemployment stays high, and also continues expanded government food assistance as the country struggles with some of its highest hunger levels in modern times.

But controversy could await the plan's provision of $350 billion in funding to state and local governments, which Republican lawmakers blocked throughout last year.&nbsp;

Also potentially challenging is the president-elect's move to increase the size of stimulus checks Americans received in the December package to $2,000, which would fulfill a campaign promise.

But with only the slimmest of majorities in Congress -- including an evenly split Senate where Vice President-elect Kamala Harris could have a tie-breaking vote -- Democrats will have to woo some Republicans if anyone in their party breaks ranks.

One Democratic senator has already expressed hesitation over increasing the payments, but earlier this week Republican Senator Marco Rubio told Biden he would back the additional aid.

The proposal also calls for $160 billion to fight Covid-19, including through a national vaccination campaign, and $170 billion for schools, with the goal of getting most institutions with students in kindergarten through eighth grade open in the first 100 days of his administration.

Prior to the release of the specifics, Michael Feroli of JP Morgan predicted Congress could pare Biden's plan down to the $900 billion range, matching the measure approved last month.

Even the smaller amount would boost GDP growth this year to 5.3 percent and in 2022 to 2.6 percent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates.

Other aspects of Biden's plan include expanding tax credits aimed at fighting poverty and helping working parents afford childcare, plus extending a moratorium on evictions.

The plan offers flexible credits and grants for the small businesses that are major employers but have struggled to survive as states imposed restrictions to stop the virus.

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging. With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States' third massive pandemic aid package. Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world's largest economy. Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month. "The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction." Top Senate Democrat Chuck Schumer and House Speaker Nancy Pelosi embraced Biden's plan, vowing to put it before lawmakers. "We will get right to work to turn President-elect Biden's vision into legislation that will pass both chambers and be signed into law," they said in a joint statement. But this is just the first step, and the officials said Biden intends to present a second "recovery" plan to lawmakers soon after his inauguration on Wednesday aimed at spurring hiring and fighting climate change. "We'll use taxpayers' dollars to rebuild America. We'll buy American products, supporting millions of American manufacturing jobs, enhancing our competitive strength in an increasingly competitive world," Biden said. The government on Thursday reported a spike in new jobless claim filings in the first week of 2021 to nearly a million, its highest level since August, while official data last week showed the economy shed jobs in December. Biden, 78, will take office after a tumultuous transition that saw a violent mob invade the US Capitol, egged on by outgoing President Donald Trump, as lawmakers were meeting to certify the Democrat's election victory. His stimulus proposal builds on two massive relief packages Congress approved in 2020, both increasing and extending through September unemployment benefits that have helped tens of millions of people pay their bills after losing their jobs during the pandemic. It additionally calls for devising a way to maintain those programs if unemployment stays high, and also continues expanded government food assistance as the country struggles with some of its highest hunger levels in modern times. But controversy could await the plan's provision of $350 billion in funding to state and local governments, which Republican lawmakers blocked throughout last year. Also potentially challenging is the president-elect's move to increase the size of stimulus checks Americans received in the December package to $2,000, which would fulfill a campaign promise. But with only the slimmest of majorities in Congress -- including an evenly split Senate where Vice President-elect Kamala Harris could have a tie-breaking vote -- Democrats will have to woo some Republicans if anyone in their party breaks ranks. One Democratic senator has already expressed hesitation over increasing the payments, but earlier this week Republican Senator Marco Rubio told Biden he would back the additional aid. The proposal also calls for $160 billion to fight Covid-19, including through a national vaccination campaign, and $170 billion for schools, with the goal of getting most institutions with students in kindergarten through eighth grade open in the first 100 days of his administration. Prior to the release of the specifics, Michael Feroli of JP Morgan predicted Congress could pare Biden's plan down to the $900 billion range, matching the measure approved last month. Even the smaller amount would boost GDP growth this year to 5.3 percent and in 2022 to 2.6 percent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates. Other aspects of Biden's plan include expanding tax credits aimed at fighting poverty and helping working parents afford childcare, plus extending a moratorium on evictions. The plan offers flexible credits and grants for the small businesses that are major employers but have struggled to survive as states imposed restrictions to stop the virus.

Biden unveils $1.9 trillion economic plan as US recovery buckles

The World Bank on Tuesday downgraded its outlook for the global economy and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed.

The coronavirus pandemic also has worsened the risks surrounding the rising debt load in developing nations, and it will take a global effort to avoid a new crisis in those economies, the bank cautioned.

After shrinking 4.3 per cent in 2020, the world economy is projected to grow by 4.0 per cent this year, two-tenths lower than previously forecast, as more than half of countries were downgraded in the semi-annual Global Economic Prospects report.

China was a bright spot with a surprisingly fast recovery in 2020, but advanced countries which did better last year will fare worse in 2021, the bank said.

Also read|&nbsp;<a href="https://www.wionews.com/videos/nyse-does-u-turn-on-delisting-three-chinese-telecom-giants-354621" hreflang="en">NYSE does U-turn on delisting three Chinese telecom giants</a>

The report warns the outlook remains "highly uncertain," and GDP growth could be as low as 1.6 per cent this year if the downside risks materialize.

With millions driven into poverty by the coronavirus recession, countries will need to find a way to move beyond direct aid and reignite investment to stimulate growth, the Washington-based development lender urged.

Policymakers face "formidable challenges... as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth," World Bank President David Malpass said.

The expectation for a subdued recovery "assumes that vaccine rollout becomes widespread" and the economic reopening continues, Malpass told reporters.

But even if the pace of growth holds steady, global GDP in 2022 will be 4.4 per cent below pre-pandemic levels, the bank said.

Also read|&nbsp;<a href="https://www.wionews.com/videos/tesla-2020-deliveries-beat-estimates-but-fall-just-short-of-musks-target-354299" hreflang="en">Tesla 2020 deliveries beat estimates, but fall just short of Musk's target</a>

And, further out, the "lasting damage to health, education and balance sheets" may lower the global economy's potential output, the report said.

Poor hurt the most

Focus on policies to boost investment will be needed to counter "the pandemic's lasting scars," including through investment in green infrastructure which can boost growth while at the same time addressing climate change, the report said.

Malpass said that would include phasing out fossil fuel subsidies and providing incentives for green technologies.

The Chinese economy is expected to expand by nearly eight per cent this year, after two per cent growth in 2020, while US GDP is projected to gain 3.5 per cent -- a half point lower than the June forecast.

Excluding China, developing nations as a group will see growth of just 3.4 percent, the report said.

The inequality of the downturn and the recovery was "dramatic," and drove a "devastating rise in extreme poverty," Malpass said.&nbsp;

"People at the bottom of the income scale were hardest hit" by the recession, and "unfortunately will likely be the slowest to regain jobs, get health care, vaccinations and adjust to the post-Covid economy," he said.

'Red alert'

The pandemic also exacerbated the debt risks of developing nations.

"The global community needs to act rapidly and forcefully to make sure the recent debt accumulation does not end with a string of debt crises," said Ayhan Kose, acting World bank vice president for Equitable Growth and Financial Institutions.&nbsp;

"The developing world cannot afford another lost decade."&nbsp;

Malpass said that the situation is a "red alert" with some low-income countries facing deep debt distress, and the more they are forced to pay to service pre-pandemic debt, the less they have for health care and investment.

China, which holds 65 per cent of the debt of the lowest-income countries, has a key role to play in addressing the challenge, and Malpass again called on the country to provide transparency on the terms of the loans, including collateral and interest rates.

The World Bank on Tuesday downgraded its outlook for the global economy and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed.

The World Bank on Tuesday downgraded its outlook for the global economy and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed. The coronavirus pandemic also has worsened the risks surrounding the rising debt load in developing nations, and it will take a global effort to avoid a new crisis in those economies, the bank cautioned. After shrinking 4.3 per cent in 2020, the world economy is projected to grow by 4.0 per cent this year, two-tenths lower than previously forecast, as more than half of countries were downgraded in the semi-annual Global Economic Prospects report. China was a bright spot with a surprisingly fast recovery in 2020, but advanced countries which did better last year will fare worse in 2021, the bank said. Also read| NYSE does U-turn on delisting three Chinese telecom giants The report warns the outlook remains "highly uncertain," and GDP growth could be as low as 1.6 per cent this year if the downside risks materialize. With millions driven into poverty by the coronavirus recession, countries will need to find a way to move beyond direct aid and reignite investment to stimulate growth, the Washington-based development lender urged. Policymakers face "formidable challenges... as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth," World Bank President David Malpass said. The expectation for a subdued recovery "assumes that vaccine rollout becomes widespread" and the economic reopening continues, Malpass told reporters. But even if the pace of growth holds steady, global GDP in 2022 will be 4.4 per cent below pre-pandemic levels, the bank said. Also read| Tesla 2020 deliveries beat estimates, but fall just short of Musk's target And, further out, the "lasting damage to health, education and balance sheets" may lower the global economy's potential output, the report said. Poor hurt the most Focus on policies to boost investment will be needed to counter "the pandemic's lasting scars," including through investment in green infrastructure which can boost growth while at the same time addressing climate change, the report said. Malpass said that would include phasing out fossil fuel subsidies and providing incentives for green technologies. The Chinese economy is expected to expand by nearly eight per cent this year, after two per cent growth in 2020, while US GDP is projected to gain 3.5 per cent -- a half point lower than the June forecast. Excluding China, developing nations as a group will see growth of just 3.4 percent, the report said. The inequality of the downturn and the recovery was "dramatic," and drove a "devastating rise in extreme poverty," Malpass said. "People at the bottom of the income scale were hardest hit" by the recession, and "unfortunately will likely be the slowest to regain jobs, get health care, vaccinations and adjust to the post-Covid economy," he said. 'Red alert' The pandemic also exacerbated the debt risks of developing nations. "The global community needs to act rapidly and forcefully to make sure the recent debt accumulation does not end with a string of debt crises," said Ayhan Kose, acting World bank vice president for Equitable Growth and Financial Institutions. "The developing world cannot afford another lost decade." Malpass said that the situation is a "red alert" with some low-income countries facing deep debt distress, and the more they are forced to pay to service pre-pandemic debt, the less they have for health care and investment. China, which holds 65 per cent of the debt of the lowest-income countries, has a key role to play in addressing the challenge, and Malpass again called on the country to provide transparency on the terms of the loans, including collateral and interest rates.

World Bank warns global recovery could erode if virus worsens

This pandemic seems to be never ending, and there is no nearby possible date of when will things get back to normal, or whether things will ever get back to normal.

From deaths to job losses, empty cities and closed borders, in the last six months, we have seen it all. We have seen scenes that we never imagined we would.

We have stayed at home for a stretch so long, we never thought we could, but we did and many people have lost jobs that they never thought they would. Many have lost their loved ones.

<a href="https://www.wionews.com/world/customs-to-destroy-alligator-skin-bag-worth-19000-over-51-missing-permit-325182">Also read|&nbsp;Customs to destroy alligator skin bag worth $19,000 over $51 missing permit</a>

Life deals you cruel surprises but what matters is our response to these life events. It is how we react to a crisis that determines whether a crisis can make or break us.

So&nbsp;as we enter into yet another pandemic-striken weekend, we have an inspiring story for you.&nbsp;The story is of a 23-year-old woman from the Philippines.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-turning-a-crisis-into-an-opportunity-325312/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Her name is Mary Mae Dacanay. She lost her factory job to the coronavirus pandemic but Mary did not let the job loss bulldoze her life. She leaned on her favourite passtime — art — but the stores were closed and sourcing canvas and other art supplies was tough.

So, Mary started picking leaves from a jackfruit tree near her home and started turning them into pieces of art — leaf art.

<a href="https://www.wionews.com/world/is-reopening-of-schools-during-pandemic-the-right-move-325281">Also read|&nbsp;Is reopening of schools during pandemic the right move?</a>

Before she knew it, her artwork went viral. Her Facebook page began attracting new followers and somewhere in middle of the pandemic, Mary started receiving orders for her leaf art.

Today, Mary is selling her art for upto $8 a piece (400 pesos).

This pandemic helped her monetise her hobby by turning her art into a venture and this endeavour helped her stay sane through the job loss and the pandemic.

This pandemic seems to be never ending, and there is no nearby possible date of when will things get back to normal, or whether things will ever get back to normal.

This pandemic seems to be never ending, and there is no nearby possible date of when will things get back to normal, or whether things will ever get back to normal. From deaths to job losses, empty cities and closed borders, in the last six months, we have seen it all. We have seen scenes that we never imagined we would. We have stayed at home for a stretch so long, we never thought we could, but we did and many people have lost jobs that they never thought they would. Many have lost their loved ones. Also read| Customs to destroy alligator skin bag worth $19,000 over $51 missing permit Life deals you cruel surprises but what matters is our response to these life events. It is how we react to a crisis that determines whether a crisis can make or break us. So as we enter into yet another pandemic-striken weekend, we have an inspiring story for you. The story is of a 23-year-old woman from the Philippines. × Her name is Mary Mae Dacanay. She lost her factory job to the coronavirus pandemic but Mary did not let the job loss bulldoze her life. She leaned on her favourite passtime — art — but the stores were closed and sourcing canvas and other art supplies was tough. So, Mary started picking leaves from a jackfruit tree near her home and started turning them into pieces of art — leaf art. Also read| Is reopening of schools during pandemic the right move? Before she knew it, her artwork went viral. Her Facebook page began attracting new followers and somewhere in middle of the pandemic, Mary started receiving orders for her leaf art. Today, Mary is selling her art for upto $8 a piece (400 pesos). This pandemic helped her monetise her hobby by turning her art into a venture and this endeavour helped her stay sane through the job loss and the pandemic.

Filipino girl uses leaf art to make ends meet in pandemic

Chinese Trump wax statue makers face losses amid coronavirus

If there's one country that has been benefitted or has reported a budget surplus during the coronavirus pandemic and worldwide lockdown, it's the South Pacific island nation Vanuatu.

The country has perused its controversial passport scheme to keep its budget in surplus despite the COVID-19 pandemic and a damaging cyclone crippling its dominant tourism sector, budget papers show.

Vanuatu late on Thursday reported a budget surplus for the first six months of 2020 of 3.8 billion vatu ($34.16 million), led by 32% rise in sales of citizenship -- and driven by surging demand for its passports, worth 7.1 billion vatu.

<a href="https://www.wionews.com/world/australia-two-men-dig-nuggets-worth-250000-322154">Also read|&nbsp;Australia: Two men dig nuggets worth $250,000</a>

Vanuatu citizenship costs US$130,000. About $80,000 goes directly to the government: the remainder stays with the agent, who must be a born or naturalised Vanuatu citizen, and who pays a 15% tax on their revenues. The figures suggest at least 650 people have received Vanuatu citizenship under the programme since the beginning of the year.

The jump in passport sales has helped Vanuatu avoid the mounting debts some Pacific island states have racked up with China and other lenders, but experts warn the practice risks harming Vanuatu's beneficial relationship with countries such Australia.

<a href="https://www.wionews.com/world/safe-full-of-cash-robbed-from-ninja-museum-in-japan-322066">Also read|&nbsp;Safe full of cash robbed from Ninja museum in Japan</a>

This is because some of the people buying these passports have been on Interpol red notices and the more that happens, the more it undermines the value of the passport. At least four Chinese people stripped of their citizenship last year after records showed they were on Interpol's wanted list.

Vanuatu gives access to a passport that is highly valued as holders can travel visa-free to over 100 countries and territories including the European Union, Britain, Russia and Hong Kong - countries that can be difficult to visit for some nationalities.

There are no residency requirements on people who acquire Vanuatu citizenship.

Vanuatu, which has no personal or corporate income tax, says the scheme has allowed it to issue a 4.2 billion vatu stimulus package -- one of the most generous in the Pacific -- amid estimates that tens of thousands of locals have lost their jobs after the closure of the country's border.

Since visa programs began in 2016, Vanuatu has accumulated unprecedented cash reserves that have allowed the government to clear the bulk of its domestic debts, and pay back some external debts more rapidly. Earlier this year, the department of finance paid down about US$13m in Chinese debt ahead of schedule.

If there's one country that has been benefitted or has reported a budget surplus during the coronavirus pandemic and worldwide lockdown, it's the South Pacific island nation Vanuatu.

If there's one country that has been benefitted or has reported a budget surplus during the coronavirus pandemic and worldwide lockdown, it's the South Pacific island nation Vanuatu. The country has perused its controversial passport scheme to keep its budget in surplus despite the COVID-19 pandemic and a damaging cyclone crippling its dominant tourism sector, budget papers show. Vanuatu late on Thursday reported a budget surplus for the first six months of 2020 of 3.8 billion vatu ($34.16 million), led by 32% rise in sales of citizenship -- and driven by surging demand for its passports, worth 7.1 billion vatu. Also read| Australia: Two men dig nuggets worth $250,000 Vanuatu citizenship costs US$130,000. About $80,000 goes directly to the government: the remainder stays with the agent, who must be a born or naturalised Vanuatu citizen, and who pays a 15% tax on their revenues. The figures suggest at least 650 people have received Vanuatu citizenship under the programme since the beginning of the year. The jump in passport sales has helped Vanuatu avoid the mounting debts some Pacific island states have racked up with China and other lenders, but experts warn the practice risks harming Vanuatu's beneficial relationship with countries such Australia. Also read| Safe full of cash robbed from Ninja museum in Japan This is because some of the people buying these passports have been on Interpol red notices and the more that happens, the more it undermines the value of the passport. At least four Chinese people stripped of their citizenship last year after records showed they were on Interpol's wanted list. Vanuatu gives access to a passport that is highly valued as holders can travel visa-free to over 100 countries and territories including the European Union, Britain, Russia and Hong Kong - countries that can be difficult to visit for some nationalities. There are no residency requirements on people who acquire Vanuatu citizenship. Vanuatu, which has no personal or corporate income tax, says the scheme has allowed it to issue a 4.2 billion vatu stimulus package -- one of the most generous in the Pacific -- amid estimates that tens of thousands of locals have lost their jobs after the closure of the country's border. Since visa programs began in 2016, Vanuatu has accumulated unprecedented cash reserves that have allowed the government to clear the bulk of its domestic debts, and pay back some external debts more rapidly. Earlier this year, the department of finance paid down about US$13m in Chinese debt ahead of schedule.

Vanuatu's citizenship-for-sale scheme keeps economy afloat, helps record budget surplus

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46 in July, down from 47.2 in June. It is the fourth straight month of contraction for the Indian manufacturing sector.

In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"Latest PMI data from Indian manufacturers shed more light on the state of economic conditions in one of the countries worst affected by the COVID-19 pandemic," said Eliot Kerr, Economist at IHS Markit.

The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months, Kerr said.

He further noted that "anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won't see a pick-up in activity until infection rates are quelled and restrictions can be further removed".

As per the survey, output contracted at a slightly faster pace than in June as demand conditions remained subdued with some businesses still closed amid lockdown extensions.

Moreover, export orders also witnessed a decline. Survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain.

Deteriorating demand conditions led Indian manufacturers to continue cutting staff numbers during July.

On the cost front, manufacturers reported another decrease in input prices during July, the survey said adding that subdued demand for most goods more than offset the inflationary effects of shortages in some raw materials, the survey said.

However, despite the ongoing negative impact of COVID-19, sentiment towards future activity improved for the second month running, the survey said.

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday.

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46 in July, down from 47.2 in June. It is the fourth straight month of contraction for the Indian manufacturing sector. In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "Latest PMI data from Indian manufacturers shed more light on the state of economic conditions in one of the countries worst affected by the COVID-19 pandemic," said Eliot Kerr, Economist at IHS Markit. The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months, Kerr said. He further noted that "anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won't see a pick-up in activity until infection rates are quelled and restrictions can be further removed". As per the survey, output contracted at a slightly faster pace than in June as demand conditions remained subdued with some businesses still closed amid lockdown extensions. Moreover, export orders also witnessed a decline. Survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain. Deteriorating demand conditions led Indian manufacturers to continue cutting staff numbers during July. On the cost front, manufacturers reported another decrease in input prices during July, the survey said adding that subdued demand for most goods more than offset the inflationary effects of shortages in some raw materials, the survey said. However, despite the ongoing negative impact of COVID-19, sentiment towards future activity improved for the second month running, the survey said.

India's manufacturing sector activity contracts for fourth straight month in July

&nbsp;IndiGo on Monday said it is implementing "deeper" pay cuts of up to 35 per cent for its senior employees in order to reduce its cash outflow amid the coronavirus pandemic.

From May onwards, IndiGo had implemented pay cuts of up to 25 per cent for its senior employees.

The "deeper" pay cuts came after the airline's announcement on July 20 that it would lay off 10 per cent of its workforce due to the economic crisis caused by the pandemic.

In an e-mail on Monday, IndiGo CEO Ronojoy Dutta told employees, "I will increase my personal pay cut percentage to 35 per cent. I am asking all senior vice presidents and above to take a 30 per cent pay cut, all pilots will see their pay cut percentages increased to 28 per cent, all vice presidents will take a 25 per cent pay cut and associate vice presidents will take a 15 per cent pay cut."

These increased pay cuts will come into effect from September 1, he added.

The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the coronavirus pandemic. All airlines in India have taken cost-cutting measures such as pay cuts, leave-without-pay and lay-offs in order to conserve cash.

Before Monday's announcement, IndiGo CEO Dutta took a 25 per cent cut in salaries. For senior vice presidents the pay cut was 20 per cent, for vice presidents it was 15 per cent and for associate vice presidents it was 10 per cent.

In May, IndiGo had also cut the salaries of Band D employees and cabin crew members by 10 per cent, and of Band C employees by 5 per cent.

Salaries of employees in Band B and Band A were not touched. Majority of the employees of the airline are in Band B and Band A.

Dutta's Monday announcement does not affect the cuts instituted in the salaries of Band D employees, Band C employees and cabin crew members in May. Moreover, no cuts were announced on Monday for Band B and Band A employees.

IndiGo in May had also implemented a compulsory leave without pay (LWP) scheme for its employees for up to five days per month. In August it was increased to 10.5 days per month.

Dutta said on Monday, "We are not making any changes for August LWP and from September each department will decide on the LWP for each month based on workloads and staffing levels."

"You can expect a direct communication from your department head on LWP each month. It is my earnest hope that the environment is conducive enough for us to add capacity back quickly and reduce LWP to zero," he added.

India resumed domestic passenger flights from May 25 after a gap of two months due to the coronavirus pandemic.

However, the airlines have been allowed to operate only a maximum of 45 per cent of their pre-COVID domestic flights.

Occupancy rate in Indian domestic flights has been around just 50-60 per cent since May 25. Scheduled international passenger flights continue to remain suspended in India since March 23.&nbsp;

IndiGo on Monday said it is implementing "deeper" pay cuts of up to 35 per cent for its senior employees in order to reduce its cash outflow amid the coronavirus pandemic.

IndiGo on Monday said it is implementing "deeper" pay cuts of up to 35 per cent for its senior employees in order to reduce its cash outflow amid the coronavirus pandemic. From May onwards, IndiGo had implemented pay cuts of up to 25 per cent for its senior employees. The "deeper" pay cuts came after the airline's announcement on July 20 that it would lay off 10 per cent of its workforce due to the economic crisis caused by the pandemic. In an e-mail on Monday, IndiGo CEO Ronojoy Dutta told employees, "I will increase my personal pay cut percentage to 35 per cent. I am asking all senior vice presidents and above to take a 30 per cent pay cut, all pilots will see their pay cut percentages increased to 28 per cent, all vice presidents will take a 25 per cent pay cut and associate vice presidents will take a 15 per cent pay cut." These increased pay cuts will come into effect from September 1, he added. The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the coronavirus pandemic. All airlines in India have taken cost-cutting measures such as pay cuts, leave-without-pay and lay-offs in order to conserve cash. Before Monday's announcement, IndiGo CEO Dutta took a 25 per cent cut in salaries. For senior vice presidents the pay cut was 20 per cent, for vice presidents it was 15 per cent and for associate vice presidents it was 10 per cent. In May, IndiGo had also cut the salaries of Band D employees and cabin crew members by 10 per cent, and of Band C employees by 5 per cent. Salaries of employees in Band B and Band A were not touched. Majority of the employees of the airline are in Band B and Band A. Dutta's Monday announcement does not affect the cuts instituted in the salaries of Band D employees, Band C employees and cabin crew members in May. Moreover, no cuts were announced on Monday for Band B and Band A employees. IndiGo in May had also implemented a compulsory leave without pay (LWP) scheme for its employees for up to five days per month. In August it was increased to 10.5 days per month. Dutta said on Monday, "We are not making any changes for August LWP and from September each department will decide on the LWP for each month based on workloads and staffing levels." "You can expect a direct communication from your department head on LWP each month. It is my earnest hope that the environment is conducive enough for us to add capacity back quickly and reduce LWP to zero," he added. India resumed domestic passenger flights from May 25 after a gap of two months due to the coronavirus pandemic. However, the airlines have been allowed to operate only a maximum of 45 per cent of their pre-COVID domestic flights. Occupancy rate in Indian domestic flights has been around just 50-60 per cent since May 25. Scheduled international passenger flights continue to remain suspended in India since March 23.

IndiGo announces 'deeper' pay cuts of up to 35 per cent for senior employees

US Senate Republican leaders and White House officials tried to hammer out a proposal for a fresh round of coronavirus aid on Thursday, which officials said will not include a payroll tax cut and could reduce an enhanced unemployment benefit.

Republicans have been trying for days to agree on a negotiating position, a preliminary step to hashing out details with Democrats who control the House of Representatives, which in May passed a proposed $3 trillion response plan that the Senate declined to take up.

Democratic leaders, meanwhile, rejected the idea of passing a piecemeal bill.

<a href="https://www.wionews.com/world/barack-obama-joe-biden-team-up-for-new-video-to-slam-trump-defend-their-administration-315510">Also read|&nbsp;Barack Obama, Joe Biden team up for new video to slam Trump, defend their administration</a>

The talks continue as U.S. coronavirus cases passed the 4 million mark, a milestone of a pandemic that has killed more than 143,000 Americans and thrown tens of millions out of work.

Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows met with Senate Majority Leader Mitch McConnell on Capitol Hill, a day after hammering out Republican agreements in principle on portions of a potential coronavirus-response bill, which could be presented to Democrats as early as this week.

"We`ve finalized the appropriations. We’re just going over some of the final text that went back and forth last night," Mnuchin told reporters.

<a href="https://www.wionews.com/world/dead-britons-pompeo-slams-world-health-organization-says-chief-tedros-bought-by-china-315441">Also read|&nbsp;'Dead Britons': Pompeo slams World Health Organization; says chief Tedros 'bought' by China</a>

Mnuchin said that if officials can`t get everything done at once, some items should be prioritized, including an extension of unemployment insurance, aid to schools and liability protections for businesses reopening.

Instead of continuing a weekly $600 enhancement of unemployment benefits that expires on July 31, Mnuchin said Republicans were looking at replacing 70% of wages. "We`re not going to pay people more to stay home than to work," he said.

However, the idea of doing a partial instead of a comprehensive coronavirus aid bill was shot down by Democrats from both sides of the Capitol.

"We cannot piecemeal this," House Speaker Nancy Pelosi said at a news conference.

Democrats want to keep the enhanced unemployment benefits, and Senate Democratic Leader Chuck Schumer scoffed at the divisions that have thus far prevented Republicans from presenting a united proposal.

"Republicans are fighting with themselves over how much to cut unemployment benefits," he said.

The draft Senate Republican plan was expected to include direct payments to Americans totaling $1,200 for individuals and $2,400 for couples, according to a senior Senate aide.

Asked whether a payroll tax cut would be included in the proposal being put forth by Senate Republicans, Mnuchin said: "Not in this, but we`re going to come back. ... One of the problems with the payroll tax cut is it takes time, so we are much more focused right now on the direct payments."

Mnuchin told reporters the proposal being worked out by Senate Republicans will include $16 billion in new funding for coronavirus testing, for a total of $25 billion. He also said this might not be the last coronavirus aid package.

US Senate Republican leaders and White House officials tried to hammer out a proposal for a fresh round of coronavirus aid on Thursday, which officials said will not include a payroll tax cut and could reduce an enhanced unemployment benefit.

US Senate Republican leaders and White House officials tried to hammer out a proposal for a fresh round of coronavirus aid on Thursday, which officials said will not include a payroll tax cut and could reduce an enhanced unemployment benefit. Republicans have been trying for days to agree on a negotiating position, a preliminary step to hashing out details with Democrats who control the House of Representatives, which in May passed a proposed $3 trillion response plan that the Senate declined to take up. Democratic leaders, meanwhile, rejected the idea of passing a piecemeal bill. Also read| Barack Obama, Joe Biden team up for new video to slam Trump, defend their administration The talks continue as U.S. coronavirus cases passed the 4 million mark, a milestone of a pandemic that has killed more than 143,000 Americans and thrown tens of millions out of work. Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows met with Senate Majority Leader Mitch McConnell on Capitol Hill, a day after hammering out Republican agreements in principle on portions of a potential coronavirus-response bill, which could be presented to Democrats as early as this week. "We`ve finalized the appropriations. We’re just going over some of the final text that went back and forth last night," Mnuchin told reporters. Also read| 'Dead Britons': Pompeo slams World Health Organization; says chief Tedros 'bought' by China Mnuchin said that if officials can`t get everything done at once, some items should be prioritized, including an extension of unemployment insurance, aid to schools and liability protections for businesses reopening. Instead of continuing a weekly $600 enhancement of unemployment benefits that expires on July 31, Mnuchin said Republicans were looking at replacing 70% of wages. "We`re not going to pay people more to stay home than to work," he said. However, the idea of doing a partial instead of a comprehensive coronavirus aid bill was shot down by Democrats from both sides of the Capitol. "We cannot piecemeal this," House Speaker Nancy Pelosi said at a news conference. Democrats want to keep the enhanced unemployment benefits, and Senate Democratic Leader Chuck Schumer scoffed at the divisions that have thus far prevented Republicans from presenting a united proposal. "Republicans are fighting with themselves over how much to cut unemployment benefits," he said. The draft Senate Republican plan was expected to include direct payments to Americans totaling $1,200 for individuals and $2,400 for couples, according to a senior Senate aide. Asked whether a payroll tax cut would be included in the proposal being put forth by Senate Republicans, Mnuchin said: "Not in this, but we`re going to come back. ... One of the problems with the payroll tax cut is it takes time, so we are much more focused right now on the direct payments." Mnuchin told reporters the proposal being worked out by Senate Republicans will include $16 billion in new funding for coronavirus testing, for a total of $25 billion. He also said this might not be the last coronavirus aid package.

Republicans ditch coronavirus payroll tax cut, haggle over unemployment payments

It will be an understatement to say that "there are no jobs". The coronavirus pandemic has caused a huge economic collapse with millions of layoffs and jobs at risk.&nbsp;

Companies which seemed to weather this storm are now downsizing. The billionaires are getting richer, while the unemployment rates are at&nbsp;a record high.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/whats-the-importance-of-tourism-to-the-worlds-economy-298834">What's the importance of tourism to the world's economy?</a> 
&nbsp; 
The United States has the most number of billionaires (more than 700), which together control a wealth of more than 3,000 billion dollars. &nbsp;

Watch&nbsp;|

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-unemployment-biggest-casualty-of-the-pandemic-303720/embed" style="width:100%;max-width:560px;" width="560"></iframe>&nbsp;</div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">In the 11 weeks of lockdown in the US, they have grown richer by half a trillion dollars, which is an increase of nearly 20 per cent.&nbsp;</div>

On the other hand, in the last three months, more than 42 million Americans have applied for unemployment benefits, excluding the millions of self-employed workers.&nbsp;

The jobs that were added since the 2008 financial crisis were wiped out in these three months.&nbsp;

In April alone, more than 20 million jobs were lost in the US. During that time, the unemployment rate stood at 14.7 per cent.&nbsp;Now all the 50 states in the US have begun to open up economy due to which 2.5 million jobs were created in May alone. The unemployment rate fell to 13 per cent, which is still historically high.

Still, US President Donald Trump could not stop to praise himself even more.&nbsp;

The coronavirus pandemic is still very much here and more companies are planning job cuts as they are witnessing their savings getting depleted each day.&nbsp; 
&nbsp; 
The International Labour Organization (ILO) has estimated that most jobs would be lost in the Americas, both North, and South. It says that 300 million jobs will be lost due to coronavirus outbreak&nbsp;

In April, the jobless rate, stood at 6.6 per cent, thanks to the short-time work programs. These programs are more common in Europe than in the US. The program lets struggling companies retain employees while reducing their working hours. The government then contributes to a part of their salary.&nbsp;

In the United Kingdom, the auto industry is the worst hit with job losses close to 6,000.&nbsp;

Iconic car-makers are cutting off the workforce. Aston Martin, Rolls-Royce, and Bentley laid off 2,000, 3,000, and 1,000 people.&nbsp;

Globally, there are nearly 3.3 billion workers, of which 2 billion work in the informal sector. In the first month of the pandemic, most of these two billion workers in the informal sector witness an income drop of 60 per cent.&nbsp;

The numbers from the developing countries are even more worrying.&nbsp; 
&nbsp; 
Mass unemployment is the new normal in South East Asia. In Vietnam, who is rising as a manufacturing hub, five million workers have lost their jobs in the first three months of the year.

In Thailand, six million jobs will be lost in the tourism sector alone and a similar story is that of Africa, where 50 per cent jobs will be lost.&nbsp;

In India, over 20 million jobs were added in May, however, the unemployment rate still stands at 23.5 per cent, according to the Centre of Monitoring Indian Economy (CMIE).&nbsp;

As India eases lockdown restrictions, most of the small traders and daily wage labourers are returning to work. They make up a third of the total population employed.&nbsp;

So as India gears up to open economy a lot more in the coming weeks, more jobs could be added.&nbsp;

It will be an understatement to say that "there are no jobs". The coronavirus pandemic has caused a huge economic collapse with millions of layoffs and jobs at risk.

It will be an understatement to say that "there are no jobs". The coronavirus pandemic has caused a huge economic collapse with millions of layoffs and jobs at risk. Companies which seemed to weather this storm are now downsizing. The billionaires are getting richer, while the unemployment rates are at a record high. Also read | What's the importance of tourism to the world's economy? The United States has the most number of billionaires (more than 700), which together control a wealth of more than 3,000 billion dollars. Watch | In the 11 weeks of lockdown in the US, they have grown richer by half a trillion dollars, which is an increase of nearly 20 per cent. On the other hand, in the last three months, more than 42 million Americans have applied for unemployment benefits, excluding the millions of self-employed workers. The jobs that were added since the 2008 financial crisis were wiped out in these three months. In April alone, more than 20 million jobs were lost in the US. During that time, the unemployment rate stood at 14.7 per cent. Now all the 50 states in the US have begun to open up economy due to which 2.5 million jobs were created in May alone. The unemployment rate fell to 13 per cent, which is still historically high. Still, US President Donald Trump could not stop to praise himself even more. The coronavirus pandemic is still very much here and more companies are planning job cuts as they are witnessing their savings getting depleted each day. The International Labour Organization (ILO) has estimated that most jobs would be lost in the Americas, both North, and South. It says that 300 million jobs will be lost due to coronavirus outbreak In April, the jobless rate, stood at 6.6 per cent, thanks to the short-time work programs. These programs are more common in Europe than in the US. The program lets struggling companies retain employees while reducing their working hours. The government then contributes to a part of their salary. In the United Kingdom, the auto industry is the worst hit with job losses close to 6,000. Iconic car-makers are cutting off the workforce. Aston Martin, Rolls-Royce, and Bentley laid off 2,000, 3,000, and 1,000 people. Globally, there are nearly 3.3 billion workers, of which 2 billion work in the informal sector. In the first month of the pandemic, most of these two billion workers in the informal sector witness an income drop of 60 per cent. The numbers from the developing countries are even more worrying. Mass unemployment is the new normal in South East Asia. In Vietnam, who is rising as a manufacturing hub, five million workers have lost their jobs in the first three months of the year. In Thailand, six million jobs will be lost in the tourism sector alone and a similar story is that of Africa, where 50 per cent jobs will be lost. In India, over 20 million jobs were added in May, however, the unemployment rate still stands at 23.5 per cent, according to the Centre of Monitoring Indian Economy (CMIE). As India eases lockdown restrictions, most of the small traders and daily wage labourers are returning to work. They make up a third of the total population employed. So as India gears up to open economy a lot more in the coming weeks, more jobs could be added.

Amid coronavirus pandemic, billionaires get richer as Americans lose jobs