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Economic Development Administration's Economic Recovery Assistance for COVID-19 Impacted Communities [May 21, 2020]
From the Document: "As a part of the federal disaster response and recovery assistance, the Economic Development Administration's (EDA's) Economic Adjustment Assistance (EAA) program can be used to support efforts to respond to the COVID-19 [coronavirus disease 2019] pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) provided $1.5 billion in supplemental economic recovery funding for the EAA program. This Insight provides an overview of the EAA program and highlights how community stakeholders may apply for EAA funds to support economic development efforts in response to the COVID-19 pandemic."
Library of Congress. Congressional Research Service
Lawhorn, Julie M.
2020-05-21
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HEROES Act (H.R. 6800): Selected Consumer Loan Provisions [May 26, 2020]
From the Document: "The economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic has been largely due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and face financial hardship. On May 15, 2020, the House passed the HEROES [Health and Economic Recovery Omnibus Emergency Solutions] Act (H.R. 6800), a wide-ranging COVID-19 relief bill. This Insight discusses selected provisions in Division K, Title IV related to consumer loans and the financial services industry."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-05-26
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HEROES Act (H.R. 6800): Selected Federal Reserve Provisions [May 26, 2020]
From the Document: "On May 15, 2020, the House passed the HEROES [Health and Economic Recovery Omnibus Emergency Solutions Act] Act (H.R. 6800), a wide-ranging Coronavirus Disease 2019 (COVID-19) relief bill. This Insight discusses selected provisions related to the Federal Reserve (Fed)."
Library of Congress. Congressional Research Service
Labonte, Marc
2020-05-26
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World Bank [Updated May 26, 2020]
From the Document: "The World Bank, the oldest and largest multilateral development bank, provides financial assistance to developing countries to promote economic development. Established in 1945, the Bank initially focused on providing financing for large infrastructure projects. During the past 75 years, its role has broadened to include poverty reduction efforts through social projects (such as education and health) and policy-based loans. The World Bank is currently focused on helping developing countries respond to the health and economic consequences of the COVID-19 [coronavirus disease 2019] pandemic."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2020-05-26
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Fiscal Federalism: Theory and Practice [June 3, 2020]
From the Summary: "The field of 'fiscal federalism' studies how to divide responsibilities (including finances) among federal, state, and local governments to improve economic efficiency and achieve various public policy objectives. Determining the optimal division of responsibilities is difficult because of varying subjective views about what the role of government should be. As a result, fiscal federalism research generally renders no judgment on the proper level of total government intervention or what types of services governments should provide. The research focuses instead on how responsibilities are assigned across multiple layers of government once policymakers have decided to implement a given policy, and what trade-offs may be involved in administering it."
Library of Congress. Congressional Research Service
Driessen, Grant A.; Hughes, Joseph S.
2020-06-03
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Chile: An Overview [Updated June 3, 2020]
From the Document: "Chile, a country of 19.1 million people, is located along the Pacific coast of South America. Chile traditionally has been one of the United States' closest partners in Latin America due to the countries' common commitments to democracy, human rights, and free trade. Chile's transition to a higher level of economic development has enabled the country to play a more active role in foreign affairs, including U.S.- backed efforts to promote peace and stability in the Western Hemisphere."
Library of Congress. Congressional Research Service
Meyer, Peter J.
2020-06-03
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Mail Voting and COVID-19: Developments and Potential Challenges [April 23, 2020]
From the Document: "Most voters reported voting in person in 2018, but the onset of the COVID-19 [coronavirus disease 2019] pandemic has complicated in-person voting for certain subsequent elections in 2020. Health risks associated with close contact have prompted concerns about some of the standard interactions involved in preparing for and conducting in-person voting. States have taken various steps to address such concerns for some of their 2020 elections, including postponing election dates, offering curbside voting, and relocating polling places. One common response has been to expand 'mail voting', in which voters receive ballots by mail rather than in person. Expanding mail voting could help address health risks but may come with its own challenges. Whether or how mail voting should be expanded and what role, if any, Congress should play in this policy area have been subjects of debate in the 116th Congress."
Library of Congress. Congressional Research Service
Shanton, Karen L.; Eckman, Sarah J.
2020-04-23
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Secretarial Waiver Authority Under the ESEA and CARES Act [April 23, 2020]
From the Document: "On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) was signed into law. The law includes new waiver authority for the Secretary of Education (the Secretary), in addition to the waiver authority the Secretary already has under the Elementary and Secondary Education Act (ESEA). Among other things, the new waiver authority permits the Secretary to waive educational accountability requirements using a streamlined process. After a brief discussion of the Secretary's waiver authority under the ESEA, this In Focus discusses the waiver authority provided to the Secretary in the CARES Act."
Library of Congress. Congressional Research Service
Skinner, Rebecca
2020-04-23
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Older Children, Adult Dependents, and Eligibility for the 2020 Recovery Rebates [April 23, 2020]
From the Document: "Some policymakers have expressed concern that certain individuals including older children and adult dependents are not eligible for direct payments enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136). The statute refers to these payments as 2020 recovery rebates. The Internal Revenue Service (IRS) refers to these payments issued in 2020 as economic impact payments. Receiving a recovery rebate in 2020 will not affect a taxpayer's 2020 income tax liability or tax refund, and taxpayers will generally not need to repay the rebate. There are three main categories of individuals ineligible for these payments (these categories may not be mutually exclusive): 1. children over 16 years old and adult dependents; 2. certain noncitizens without Social Security numbers (SSNs) or who are nonresident aliens; 3. higher-income taxpayers. This Insight provides an overview of one category of individuals who are ineligible for the 2020 recovery rebates--older children and adult dependents. This information may help inform any potential legislative debate considering another round of direct payments."
Library of Congress. Congressional Research Service
Crandall-Hollick, Margot L.
2020-04-23
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Interaction of International Tax Provisions with Business Provisions in the CARES Act [Updated April 23, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) included two general tax benefits for business: net operating losses (NOLs) and interest deductions, which reduce taxable income and tax liability. These provisions may interact with existing international tax provisions enacted in the 2017 tax revision, popularly known as the Tax Cuts and Jobs Act, or TCJA (P.L. 115-97). The TCJA also decreased tax rates, including reducing the corporate rate from 35% to 21%."
Library of Congress. Congressional Research Service
Gravelle, Jane
2020-04-23
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Global Economic Effects of COVID-19 [Updated May 1, 2020]
From the Summary: "Since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 190 countries and all U.S. states. The pandemic is having a noticeable impact on global economic growth. Estimates so far indicate the virus could trim global economic growth by as much as 2.0% per month if current conditions persist. Global trade could also fall by 13% to 32%, depending on the depth and extent of the global economic downturn. The full impact will not be known until the effects of the pandemic peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2020-05-01
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COVID-19 and China: A Chronology of Events (December 2019-January 2020) [Updated May 13, 2020]
From the Introduction: "In Congress, multiple bills and resolutions have been introduced related to China's handling of a novel coronavirus outbreak in Wuhan, China, that expanded to become the coronavirus disease 2019 (COVID-19) global pandemic. This report provides a timeline of key developments in the early weeks of the pandemic, based on available public reporting to date. The timeline starts with the onset of symptoms among the first known patients later identified as having COVID-19. The timeline documents the subsequent responses in China, at the World Health Organization (WHO), and in the United States through January 31, 2020, the day U.S. Department of Health and Human Services (HHS) Secretary Alex M. Azar II declared the pandemic had become a public health emergency for the United States."
Library of Congress. Congressional Research Service
Lawrence, Susan V.
2020-05-13
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Business Interruption Insurance and COVID-19: Federal Legislative Initiatives [May 11, 2020]
From the Document: "Many businesses across all sectors are experiencing disruption and incurring losses from the Coronavirus Disease 2019 (COVID-19) pandemic. The pandemic has stirred a debate among insurers, policyholders, and other stakeholders about who will be responsible for the losses that companies face from widespread shutdowns. This Insight will focus on efforts at the federal level to address business interruption (BI) insurance coverage for COVID-related shutdown losses. Insurance is primarily regulated at the state level, and there are efforts in a number of states providing for coverage of BI claims on a retrospective basis, which are addressed in CRS [Congressional Research Service] Insight IN11382, 'Business Interruption Insurance and COVID-19: State Legislative Initiatives.'"
Library of Congress. Congressional Research Service
Horn, Diane P.; Webel, Baird
2020-05-11
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Business Interruption Insurance and COVID-19: State Legislative Initiatives [May 11, 2020]
From the Document: "One of the most significant challenges currently facing businesses is the loss of revenue as a result of the coronavirus (COVID-19) pandemic and subsequent stay-at-home orders. Businesses across all sectors are incurring losses, and those with business interruption insurance (BI) are submitting claims to their insurers. However, both individual insurance carriers and the industry as a whole have asserted that BI claims related to COVID-19 are not covered, either because there has been no physical damage to the property or because the policy expressly excludes coverage for viruses, or both. More detail on BI insurance can be found in CRS [Congressional Research Service] Insight IN11295, 'Business Interruption Insurance and COVID-19.' Insurance companies are regulated by states; the role of the federal government in regulating private insurance (other than health insurance) is more limited."
Library of Congress. Congressional Research Service
Horn, Diane P.; Webel, Baird
2020-05-11
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PREP Act and COVID-19: Limiting Liability for Medical Countermeasures [Updated June 19, 2020]
From the Document: "To encourage the expeditious development and deployment of medical countermeasures during a public health emergency, the Public Readiness and Emergency Preparedness Act (PREP Act) authorizes the Secretary of Health and Human Services (HHS) to limit legal liability for losses relating to the administration of medical countermeasures such as diagnostics, treatments, and vaccines. In a declaration effective February 4, 2020 (the HHS Declaration), the Secretary of HHS invoked the PREP Act and declared Coronavirus Disease 2019 (COVID-19) to be a public health emergency warranting liability protections for covered countermeasures. Under the HHS Declaration, covered persons are generally immune from legal liability (i.e., they cannot be sued for money damages in court) for losses relating to the administration or use of covered countermeasures against COVID-19. The sole exception to PREP Act immunity is for death or serious physical injury caused by 'willful misconduct.' However, individuals who die or suffer serious injuries directly caused by the administration of covered countermeasures may be eligible to receive compensation through the Countermeasures Injury Compensation Program."
Library of Congress. Congressional Research Service
Hickey, Kevin J.
2020-06-19
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Potential COVID-19 Impacts on Health Flexible Spending Arrangements (FSAs) and Recent Health FSA Changes [June 15, 2020]
From the Document: "Health flexible spending arrangements (FSAs) are an optional benefit employers may offer that allow their employees to set aside money, on a tax-advantaged basis, to pay for certain out-of-pocket medical expenses. The rules of such arrangements may affect an individual's ability to use or modify their FSA in light of the Coronavirus Disease 2019 (COVID-19) pandemic and corresponding recession. This product provides a brief overview of health FSAs and some potential ways that the COVID-19 pandemic may affect individuals with such arrangements. It concludes with a description of recent COVID-19-related executive branch and congressional activity around health FSAs."
Library of Congress. Congressional Research Service
Rosso, Ryan J.
2020-06-15
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Selected Grant Resources for Workforce Development and Jobs Training in Response to COVID-19 [June 15, 2020]
From the Document: "The Coronavirus Disease 2019 (COVID-19) pandemic has had a significant impact on the U.S. workforce. This Insight identifies federal departments and agencies that administer programs to support workforce development, training, and job readiness initiatives. It focuses on selected programs that state, local, and tribal governments, nonprofit organizations, and educational institutions may use to address pandemic-related labor market impacts. It does not include workforce or training assistance programs for individuals (such as scholarships, fellowships, unemployment benefits, or other individual assistance)."
Library of Congress. Congressional Research Service
Overbay, Abigail R.; Kreiser, Maria
2020-06-15
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Novel Coronavirus 2019 (COVID-19): Q&A on Global Implications and Responses [Updated May 14, 2020]
From the Introduction: "In December 2019, a new disease, later called COVID-19 [coronavirus disease 2019], emerged in China and quickly spread around the world. The disease presents major consequences for global health, foreign relations, the global economy, and global security. International institutions and country governments are taking a variety of responses to address these challenges. In the 116th Congress, Members have introduced legislation to respond to COVID-19 in particular and to address global pandemic preparedness in general that are now occurring on a global scale. This report focuses on global implications of and responses to the COVID-19 pandemic, and is organized into four broad parts that answer common questions regarding: (1) the disease and its global prevalence, (2) country and regional responses, (3) global economic and trade implications, and (4) issues that Congress might consider. For information on domestic COVID-19 cases and related responses, see CRS [Congressional Research Service] Insight IN11253, 'Domestic Public Health Response to COVID-19: Current Status and Resources Guide', by Kavya Sekar and Ada S. Cornell."
Library of Congress. Congressional Research Service
Salaam-Blyther, Tiaji
2020-05-14
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Australia: Background and U.S. Relations [Updated May 13, 2020]
From the Summary: "The Commonwealth of Australia and the United States enjoy a close alliance relationship. Australia shares many cultural traditions and values with the United States and has been a treaty ally since the signing of the Australia-New Zealand-United States (ANZUS) Treaty in 1951. Australia made major contributions to the allied cause in the First and Second World Wars, and the conflicts in Korea, Vietnam, Iraq, and Afghanistan. Australia is also a close intelligence partner through the 'Five Eyes' group of nations. U.S. Marines conduct rotational deployments in northern Australia. This initiative and others demonstrate the continuing closeness of the defense relationship. A traditional cornerstone of Australia's strategic outlook is the view that the United States is Australia's most important strategic partner and is a key source of stability in the IndoPacific region. Australia's relationship with China has become increasingly complicated in recent years and some Australians have expressed concern about where Australia's relationship with the United States has headed under the Trump Administration. While Australia has a complex array of international relations, its geopolitical context is to a large extent defined by its economic relationship with China and its strategic relationship with the United States."
Library of Congress. Congressional Research Service
Vaughn, Bruce, 1963-
2020-05-13
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USDA's Coronavirus Food Assistance Program (CFAP) Direct Payments [Updated June 16, 2020]
From the Introduction: "On April 17, 2020, Secretary of Agriculture Sonny Perdue announced that the U.S. Department of Agriculture (USDA) would initiate the Coronavirus Food Assistance Program (CFAP), valued at $19 billion, to provide immediate financial relief to farmers, ranchers, and consumers in response to the COVID-19 [coronavirus disease 2019] national emergency. According to Secretary Perdue, CFAP consists of two distinct initiatives: a $16 billion direct payment program for agricultural producers that have been impacted by the decline in commodity prices and the disruption in food supply chains related to COVID-19, and a $3 billion food purchase and distribution program for affected consumers referred to as the Farmers to Families Food Box Program. [...] This report describes the details of the larger of these two CFAP initiatives--the direct payment program. It describes how this program is funded and administered, including specific details on the calculation and implementation of payments."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2020-06-16
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WTO: Ministerial Delay, COVID-19, and Ongoing Issues [Updated May 15, 2020]
From the Overview: "Due to the coronavirus pandemic (COVID-19), the World Trade Organization (WTO) canceled its 12th Ministerial Conference (MC12) planned for June 2020. The biennial meeting, which usually involves active U.S. participation, was widely anticipated as an action-forcing event for the WTO amid serious challenges facing the multilateral trading system. Some members had hoped key results for ongoing negotiations could help bolsterthe WTO's relevance. In addition, a dispute settlement (DS) crisis continues, with the Appellate Body ceasing to operate in December 2019, and no consensus on solutions. Broader reforms of the institution also remain under active discussion, including some U.S. proposals. While MC12 and other meetings were suspended, members are attempting to continue some WTO operations virtually. Members will also face selecting new leadership, as WTO Director-General Azevêdo announced plans to step down in fall 2020, a year before his term's end. [...] Members of Congress have expressed support for ongoing WTO reform effort, sought clarification on the positions of the Administration, and proposed trade-related legislation in response to COVID-19. In May, some Members introduced joint resolutions to withdraw from the WTO."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2020-05-15
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Older Americans Act: Nutrition Services Program [Updated May 4, 2020]
From the Introduction: "The Nutrition Services Program, authorized under Title III of the Older Americans Act (OAA), provides grants to states and U.S. territories to support nutrition services programs for seniors. [...] According to the U.S. Department of Agriculture (USDA), 7.5% of U.S. households with an elderly member were food insecure in 2018, which means they lacked the ability to purchase or otherwise acquire enough to eat. Households in which elderly lived alone reported a higher rate of food insecurity, at 8.9%. As the largest OAA program, the Title III Nutrition Services Program received $937 million in FY2020, accounting for 45% of the act's total funding ($2.1 billion). A total of $720 million in FY2020 supplemental funding has been provided under P.L. 116-127 ($240 million) and P.L. 116-136 ($480 million) for nutrition programs to respond to the COVID-19 [coronavirus disease 2019] pandemic."
Library of Congress. Congressional Research Service
Colello, Kirsten J.
2020-05-04
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USDA's Coronavirus Food Assistance Program (CFAP) Direct Payments [June 4, 2020]
From the Introduction: "On April 17, 2020, Secretary of Agriculture Sonny Perdue announced that the U.S. Department of Agriculture (USDA) would initiate the Coronavirus Food Assistance Program (CFAP), valued at $19 billion, to provide immediate financial relief to farmers, ranchers, and consumers in response to the COVID-19 [coronavirus disease 2019] national emergency. [...] According to Secretary Perdue, CFAP consists of two distinct initiatives: a $16 billion direct payment program for agricultural producers that have been impacted by the decline in commodity prices and the disruption in food supply chains related to COVID-19, and a $3 billion food purchase and distribution program for affected consumers referred to as the Farmers to Families Food Box Program. [...] This report describes the details of the larger of these two CFAP initiatives--the direct payment program. It describes how this program is funded and administered, including specific details on the calculation and implementation of payments. The report begins with a brief overview of the CFAP direct payment program, including its policy objectives, funding sources, and implementing agencies. The next section describes the details of the CFAP direct payment program, including eligibility requirements for both producers and commodities, application procedures, payment calculations, and the program's timeline. The report ends with a brief discussion on issues of potential interest to Congress."
Library of Congress. Congressional Research Service
Schnepf, Randall Dean, 1954-
2020-06-04
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HIPAA, Telehealth, and COVID-19 [June 5, 2020]
From the Document: "In recent years, health care providers have increasingly turned to technology to provide remote health care services to patients ('i.e.', 'telehealth'). This use of telehealth has only become more important in the midst of the coronavirus disease 2019 (COVID-19) pandemic, as it has allowed providers and patients to minimize their contact with one another. However, the use of technology to transmit information carries privacy risks. Federal law thus limits the extent to which health care providers may use technology to transmit medical information. In particular, the Health Insurance Portability and Accountability Act (HIPAA) requires covered entities--namely, health care providers, health plans, and health clearinghouses--to abide by data privacy, data security, and data breach notification requirements in their treatment of certain medical information. While HIPAA's restrictions mitigate privacy and security concerns, they also limit health care providers' ability to offer telehealth services. Given the increased need for telehealth options due to COVID-19, the Department of Health and Human Services (HHS) has announced that it will not enforce HIPAA's requirements against health care providers who are engaged in the good-faith provision of telehealth services during the COVID-19 emergency, regardless of whether those service are related to COVID-19."
Library of Congress. Congressional Research Service
Linebaugh, Chris D.
2020-06-05
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Larger Businesses and COVID-19: Financial Relief and Assistance Resources [Updated June 5, 2020]
From the Document: "This CRS [Congressional Research Service] Insight presents selected resources and CRS products potentially relevant to medium and large businesses directly affected by the Coronavirus Disease 2019 (COVID-19) pandemic seeking economic relief and assistance."
Library of Congress. Congressional Research Service
Jennings, Julie; Murray, Justin
2020-06-05
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Israel: Background and U.S. Relations in Brief [Updated May 18, 2020]
From the Summary: "In May 2020, Israeli Prime Minister Binyamin Netanyahu and his main political rival Benny Gantz formed a unity government, bringing an end to a long political stalemate in Israel that had continued through three elections in April 2019, September 2019, and March 2020. Netanyahu and Gantz cited the COVID-19 [coronavirus disease 2019] pandemic and the need to address its public health, economic, and other implications for Israel as a major reason for their agreement. By accepting a unity government, Gantz departed from his campaign pledge not to join with Netanyahu, who is scheduled to begin a criminal trial on corruption charges on May 24. While the agreement provides for Gantz to rotate into the position of prime minister by November 2021, and appears to give him broad powers of approval over the government's actions, his choice to join Netanyahu split his Kahol Lavan party and might leave Netanyahu with an overall political advantage."
Library of Congress. Congressional Research Service
Zanotti, Jim
2020-05-18
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Delivery of Economic Impact Payments (EIPs) [Updated June 17, 2020]
From the Document: "To mitigate the financial hardship many Americans are experiencing during the Coronavirus Disease (COVID-19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). A critical element of the aid package is direct payments to certain individuals in 2020. The payments are referred to as 'recovery rebates' in Section 2201 of the act, but the Internal Revenue Service (IRS) calls them 'economic impact payments' (EIPs) in the notices it shares with the general public. To qualify for a full EIP, an individual's adjusted gross income (AGI) in 2019 cannot exceed $75,000 (or $150,000 for married couples filing jointly). The payment phases out for AGIs between $75,000 and $98,000 for single filers, and between $150,000 and $198,000 for joint filers. [...] This Insight presents a brief overview of the delivery of EIPs and identifies factors that might affect the timing and accuracy of their delivery."
Library of Congress. Congressional Research Service
Guenther, Gary L.
2020-06-17
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COVID-19: EDA Revolving Loan Funds for Businesses [June 9, 2020]
From the Document: "Economic development revolving loan funds (RLFs) use funding from federal grants and other sources to make loans to local businesses and in limited circumstances to communities for infrastructure and development projects. The Economic Adjustment Assistance (EAA) program--administered by the Department of Commerce, Economic Development Administration (EDA)--is a source of RLF funding. The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) provided $1.5 billion in supplemental funding for the EAA program, which can be used for RLF grants, among other activities. RLFs can make loans to targeted types of businesses or areas, such as economically-distressed communities; specific industries, like health care or manufacturing; underserved markets; Opportunity Zones; or areas impacted by natural disasters. This Insight describes EDA's RLF program, how it could potentially be used to address COVID-19 [coronavirus disease 2019] pandemic-related business credit needs, and the temporary RLF program changes made in response to 'urgent circumstances.'"
Library of Congress. Congressional Research Service
Lawhorn, Julie M.
2020-06-09
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Restrictions on Compensation Under the CARES Act [June 12, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) was enacted to assist those affected by the economic impact of Coronavirus Disease 2019 (COVID-19). A key part of this assistance is provided to eligible businesses, states, and municipalities in Division A, Title IV of the act. Section 4003 allocates $500 billion to the Department of the Treasury (Treasury) to make loans or loan guarantees to certain industries and to support Federal Reserve lending facilities. Section 4112 allocates $32 billion to Treasury to provide financial assistance to the aviation industry for employee wages, salaries, and benefits. Some have characterized these provisions as a 'bailout' of private industry; others assert they are necessary to avoid employment losses and maintain economic stability. [...] Recipient firms of this financial assistance must meet a number of requirements. In some cases, these include restrictions on compensation at firms receiving assistance under Title IV of the act. This Insight gives an overview of those restrictions."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Gnanarajah, Raj
2020-06-12
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Global Economic Effects of COVID-19 [Updated June 4, 2020]
From the Summary: "Since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 190 countries and all U.S. states. The pandemic is having a noticeable impact on global economic growth. Estimates so far indicate the virus could trim global economic growth by as much as 2.0% per month if current conditions persist and raise the risks of a global economic recession similar in magnitude to that experienced during the Great Depression of the 1930s. Global trade could also fall by 13% to 32%, depending on the depth and extent of the global economic downturn. The full impact will not be known until the effects of the pandemic peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2020-06-04
