The coronavirus-led economic crisis, now called the Great Lockdown, shows no signs of letting up.
“For the first time since the Great Depression both advanced economies and emerging market and developing economies are in recession,” Gita Gopinath, International Monetary Fund (IMF) chief economist, said. The crypto industry is far from insulated, today major Bitcoin miner manufacturer Bitmain announced it will pay rebates to customers hit by the market downturn, while an aspiring crypto exchange has folded.
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To combat the spread of the virus, technologists are working fervently to develop contact tracing tools to monitor how the virus moves through communities, often sacrificing cherished principles like privacy and autonomy. Here’s the story:
The Great Lockdown
- “The Great Lockdown is the worst economic downturn since the Great Depression, and far worse than the Global Financial Crisis [of 2008],” International Monetary Fund (IMF) chief economist Gita Gopinath said on Tuesday. She projected the global economy will contract by 3 percent in 2020, due to $9 trillion in losses. The United States is expected to decline to roughly -6 percent growth, as are other nations in the advanced economy group. Gopinath said this year’s losses will “dwarf” the global financial crisis 12 years ago.
- A second wave of job loss is hitting businesses that were once thought to be resilient to shelter-in-place mandates, according to the Wall Street Journal. These include workers in the intellectual economy, including corporate lawyers, government bureaucrats, and healthcare workers not engaged in fighting the pandemic. “The longer shutdowns continue, the bigger this…