Wednesday Weirdness

World Economy

IMF: World Will “Likely” Experience Great Depression 2.0

The International Monetary Fund, based in Washington, D.C., expects the global economy to contract by 3% in 2020. Their analysts also expect a “partial recovery” in 2021, as long as the health crisis improves. “It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” said IMF chief economist Gita Gopinath. The IMF dubbed this current crisis “The Great Lockdown,” said “this is a crisis like no other. The magnitude and speed of collapse in activity that has followed (the lockdown) is unlike anything we’ve experienced in our lifetimes.”

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Global Currencies

Emerging Market Currencies Getting Slapped Down By U.S. Dollar

The U.S. dollar is surging as it is seen as a safe-haven currency. This is driving down several EM currencies to record lows against the greenback in recent weeks, such as the South African rand.

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Stock Market

Amazon Booming Amidst Coronavirus Crisis

One company that is doing quite well right now is Amazon—their stock hit a new all-time high as demand for their service is higher than ever. Once life returns to normal, Amazon will likely end up retaining a slew of new customers whose...

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U.S. Economy

Goldman Sachs Prediction Sounds Like Something Made in Hollywood

According to analysts at Goldman Sachs, we are going to witness a comeback story that might possibly be better than any Rocky movie or cliched sports film. Here's their prediction: the global economy will be hit by this coronavirus crisis “four times worse” than the 2008 Great Recession. 2nd quarter activity will likely drop 35%, while unemployment could hit 15%. However, according to GS, the following “come back” recovery in the second half of the year could be stronger than anything the U.S. has ever seen. Get your popcorn ready. These numbers only tell part of the story, and the forecast is rosy.

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Stock Market

Here’s Why the Recent Market Strength is NOT a Good Sign

Despite the recent bounce back the market has made, don’t get too excited. This is actually an ominous sign of what lies ahead.

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Retail

5 Weird Products Americans are Stockpiling

Traffic at Walmart, Costco and Target fell for the first time in weeks. Why? Stockpiling behavior is shifting. For example, toilet paper is not a hot item now. Instead, Americans adjusting to their new normal by seeking novel forms of entertainment, ways to stay fit, cook more and grow produce at home. These 5 items have a surprising bump in sales.

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Airline Industry

$25B Coronavirus Relief Package Deal Made Between Airlines, Treasury

the U.S. Treasury Department and the major U.S. airlines have reached a deal on the $25 billion coronavirus relief package.

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Grocery Sector

Grocery Chain Makes Coronavirus Face Masks Mandatory for Customers

The Fresh Market, a grocery chain based in Greensboro, North Carolina, is requiring all customers to wear face coverings to enter its stores. The organic food chain believes this precaution will protect shoppers from asymptomatic coronavirus carriers. The new policy went into effect Tuesday throughout The Fresh Market’s 159 stores in 22 states. “Since it is impossible to know who may be asymptomatic, it is prudent for everyone to wear a covering,” said James Ball, director of food safety and quality assurance at The Fresh Market. “The goal is...

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