Fri, 07 Aug 2020

WASHINGTON -- The number of active business owners in the United States is down by 2.2 million, or 15 percent, from February 2020, but up 7 percent since the low in April, according to a recent analysis by the National Bureau of Economic Research (NBER).

A working paper published by the NBER said that small business owners of ethnic groups in the United States continue to be disproportionately impacted by COVID-19. In breakdown, African-American business owners are hardest hit by COVID-19 with a drop of 26 percent in business activity from pre-COVID-19 levels. (US-Small business-COVID-19)

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BERLIN -- The "economic low point" had passed and Germany's economy was starting to recover from the COVID-19 crisis, the Federal Ministry for Economic Affairs and Energy (BMWi) announced on Monday.

"Although the catch-up process of the German economy is dynamic, it is only just beginning," BMWi noted in its monthly report for July. The easing of COVID-19 measures in Germany and abroad was causing demand and supply to rise again. (Germany-Economy-COVID-19)

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BRASILIA -- Brazilian financial analysts say the economy will contract less than they expected in 2020, adjusting their forecast from -6.5 to -6.1 percent, the Central Bank of Brazil said on Monday.

According to the bank's weekly poll of leading financial institutions, analysts' growth forecast for 2021 remained steady at 3.5 percent. (Brazil-Economy-Shrink)

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SINGAPORE -- Singapore's Ministry of Trade and Industry announced on Tuesday morning that based on advance estimates, the country's GDP for the second quarter fell 12.6 percent year on year, compared to a 0.3-percent decline in the first quarter.

The ministry attributes the GDP contraction to the Circuit Breaker (CB) measures that were implemented from April 7 to June 1 to slow the spread of COVID-19, which included the suspension of nonessential services and closure of most workplace premises, as well as weak external demand amidst a global economic downturn precipitated by the pandemic. (Singapore-GDP-Contract)

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