Rolling updates on the latest developments and headlines from around the world on the COVID-19 pandemic.
By Gina Lee and Peter Nurse
(10:15 PM ET) Japan sinks into recession in first quarter
Japan’s economy sunk into a recession in the first quarter of the year which is likely to deepen further.
Households limited their pending to essentials and companies cut back on investment, production and hiring due to the virus.
The Cabinet Office reported that gross domestic product shrank an annualized 3.4% in the three months through March from 4Q 2019, compared to analyst predictions of a 4.5% decrease.
(10:11 PM ET) Trump Administration steps up blame game against China
U.S. President Donald Trump’s administration stepped up its campaign to blame China for the spread of COVID-19, with White House trade advisor Peter Navarro suggesting in a “This Week” interview that Beijing sent "hundreds of thousands of Chinese on aircraft to Milan, New York and around the world” to spread the virus after hiding it from the world for two months.
(10:08 PM ET) Fed’s Powell warns that U.S. economy could shrink up to 30%, but avoid another Great Depression in long run
U.S. Federal Reserve Chair Jerome Powell said in a “60 Minutes” interview that the U.S. economy could shrink up to 30% in the second quarter but will avoid a second Great Depression in the long run.
(10:07 PM ET) U.S. House Democrats pass $3 trillion COVID-19 relief package
U.S. House Democrat passed a $3 trillion COVID-19 relief package on Friday, even as Senate Republicans pledged to block the bill.
