Syed Zaki Hussain1. US Economy expected to decline drastically, Trump fast on Trade War: Economists concerned over a record drop in retail, impending slip of over 11% in Industrial production. China trade tensions are set to continue; Trump has said he would terminate the trade deal if China fails to meet its purchase commitments.
2. US and EU pledge financial Aid to Pakistan: EU pledges 153M Euro and US commits 15M dollar aid to Pakistan in order to help meet the challenges posed by COVID-9
3. Pakistan’s Debt Servicing skyrockets to1.9 Trillion, IMF projects govt debt at 78.83% of GDP: Uncontrolled debt servicing tops the issues on the Economic front. The Central Banks profit is primarily due to interest earned on the loans extended to the federal government, and FBR once again failed to meet the target.
4. OGDC suspends activities and Chakwal OIL field: Spread of COVID-19 leads to the closure of Chakwal Oil field. The local administration took the strict action of ensuring the closure of facility after a number of employees were tested positive for COVID-19
5. Divide between U.S. stock market, economy to further widen: Recent economic data reflects historic drops, while US Stock market ignores and continues to shrug off the economy’s massive slowdown. Recent gains could fade if U.S. states unwind efforts to reopen their economies and unemployment fails to decline in coming months.
Add comment