New report estimates school closures’ long-term impact on the U.S. economy at more than $14 trillion

The data shows the number of countries with school closures because of the pandemic between February and the end of June. (Organization for Economic Cooperation and Development)

This year’s school closures won’t just result in the loss of students’ academic skills; it could negatively impact the economy for the rest of the 21st century, new research predicts.

In the U.S., for example, the closures could ultimately amount to a loss of almost $14.2 trillion over the next 80 years, according to the study, released by the Organization for Economic Cooperation and Development, an international group with 37 member countries that promotes economic growth policies. Another three months of learning losses could stretch that figure to almost $28 trillion.

The authors suggest, however, that schools could recoup some of those losses by “individualizing the instruction,” in which students work at their own speed to master academic goals.

“Unless schools get

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COVID Helps China’s Economy Pass EU in 2021 and 2025-2030 for the USA

The double whammy for the European Union GDP is Brexit and COVID. In 2019, the EU had a combined GDP of $18.3 trillion. The UK leaving removes $2.5 trillion. COVID removed another 10-12% in 2020. The Jan, 2021 GDP will be after Brexit is official and enacted on Dec 31, 2020. $15.8 trillion after the UK leaves and down 10% from COVID to $14.3 trillion. China should be at $15.0 trillion.

COVID Boosted China’s GDP from 67% of US GDP to 76%

In 2019, China’s economy on an exchange rate basis was about 67% the size of the US economy but now China is at 76% of the US economy. In 2019, the US economy was at $21.4 trillion and China (without Hong Kong) was at $14.1 trillion. In mid-2020, the US economy is at $19.4 trillion and China is at $14.7 trillion. China picked up about 5% on currency

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Thai Cabinet Backs $2.2 Billion Cash Aid to Boost Economy, Jobs

(Bloomberg) — Thailand’s cabinet backed several stimulus measures worth a combined budget of 70 billion baht ($2.2 billion) to boost consumption and jobs to counter the economic downturn from the Covid-19 outbreak.



a group of people sitting at a table with an umbrella: A visitors wearing a protective masks has her temperature checked at an entrance screening point at Bangsaen Beach in Chonburi, Thailand, on Sunday, June 14, 2020. Thailand said a number of countries, including China and Japan, are interested in discussions about travel bubbles, as the nation considers protocols for the eventual return of foreign tourists. Local tourism has already restarted.


© Bloomberg
A visitors wearing a protective masks has her temperature checked at an entrance screening point at Bangsaen Beach in Chonburi, Thailand, on Sunday, June 14, 2020. Thailand said a number of countries, including China and Japan, are interested in discussions about travel bubbles, as the nation considers protocols for the eventual return of foreign tourists. Local tourism has already restarted.

The ministerial meeting also passed a resolution to add three additional holidays this year to encourage domestic travel, as the country’s vital tourism sector has been crushed by the absence of international tourists for months because of the pandemic.

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The latest stimulus plans include cash incentives for welfare cardholders and funds for members of

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UK government unveils ‘Winter Economy Plan’ to protect jobs and firms



a statue of a person walking on the sidewalk talking on a cell phone: Britain's Chancellor of the Exchequer Rishi Sunak arrives at the Foreign and Commonwealth Office (FCO), ahead of a cabinet meeting to be held at the FCO, for the first time since the COVID-19 lockdown in London, Britain July 21, 2020. Stefan Rousseau/Pool via REUTERS


Britain’s Chancellor of the Exchequer Rishi Sunak arrives at the Foreign and Commonwealth Office (FCO), ahead of a cabinet meeting to be held at the FCO, for the first time since the COVID-19 lockdown in London, Britain July 21, 2020. Stefan Rousseau/Pool via REUTERS

The UK chancellor Rishi Sunak has unveiled a “radical” new package of support for the UK economy, including new income grant schemes, more business loan funding and tax cuts.

Sunak confirmed he had ditched plans for an autumn budget, instead setting out a string of contingency plans on Thursday to urgently shore up the economy with both infection rates and job losses rising.

The “Winter Economy Plan” unveiled by the finance minister in parliament included:

  • A six-month “jobs support scheme” from November, with wage subsidies for workers in “viable” jobs, as long as they work and are paid as normal for at least a third of

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Why is our economy failing to create jobs?- The New Indian Express

The announcement of the quarterly or annual GDP growth numbers is a feast for the economists, but the common man is always stuck with the age-old question: What does it mean for him/her? While in the stable pre-Covid scenario, it wouldn’t have meant anything starkly different, it does now. Earlier, there was a hope of revival and any downturn came as a shock. This period is different as it comes on top of a struggling Indian economy and a policy paralysis for the last few years.

All indicators that have come out paint the same picture—the great fall of our economy. Annual GDP growth for this fiscal (FY21) is expected to hit negative double digits. The gravity of this economic inactivity in terms of jobs now provides a glaring picture for everyone. Close to 94 lakh people have withdrawn Rs  35,445 crore from their EPF accounts in the last four

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US economy adds 1.371 million payrolls in August, unemployment rate dips to 8.4%

The US economy added back a greater than expected number of payrolls in August and the unemployment rate improved by a larger than anticipated margin, as employers continued to bring back workers as virus-related business disruptions abated. Still, the pace of payroll gains slowed relative to recent months.

Here were the main metrics from the Department of Labor’s August jobs report released Friday morning, compared to consensus estimates compiled by Bloomberg:

  • Change in non-farm payrolls: +1.371 million vs. +1.350 million expected, vs. +1.734 million in July

  • Unemployment rate: 8.4% vs. 9.8% expected, vs. 10.2% in July

  • Average hourly earnings, month over month: 0.4% vs. 0.0% expected, +0.1% in July

  • Average hourly earnings, year over year: 4.7% vs. 4.5% expected, 4.7% in July

  • Labor force participation rate: 61.7% vs. 61.8% expected, 61.4% in July

Even with another print above 1 million, the number of non-farm payrolls added in August has not

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U.K. economy has shed 700,000 jobs since March. And it’s about to get worse

The U.K. economy has shed nearly 700,000 jobs since March because of the lockdown forced on it, with five million people still temporarily kept away from work, the U.K.’s statistics office said on Tuesday.



a man standing in a room: Chancellor of the Exchequer Rishi Sunak (r) is phasing out the job-support programs designed to fight the coronavirus impact.


© Getty Images
Chancellor of the Exchequer Rishi Sunak (r) is phasing out the job-support programs designed to fight the coronavirus impact.

– The U.K. unemployment rate rose to 4.1% in the three months to July, mostly due to the increase in the number of unemployed young people. This remains one of the lowest in Europe, where it stood at 7.2% in the European Union in July.

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– The job situation deteriorated despite the generous furlough programs and other job-supporting measures decided by the government in the significant stimulus plan it unveiled early in the crisis to counter the effects of the coronavirus pandemic.

– Despite the sharpest fall of gross domestic product in

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Why the Market Is Booming and the Economy Is Struggling | Stock Market News

Why is the stock market going up when the economy is in trouble?

If you’re an investor, this question has likely been on your mind. After all, we’re in the middle of the scariest pandemic in a century. Some businesses are barely scraping by, while millions of unemployed Americans have relied on enhanced government programs to stay afloat – yet the markets are hitting new highs.

To understand the disconnect between the markets and the economy, it’s helpful to understand what defines the U.S. economic system and the stock market.

The economy is the system under which money, industry and commerce are organized. Economic health is measured by employment and production growth. The system in the U.S. is considered capitalistic, driven by supply and demand, with a mix of government involvement and socialist-type policies such as Social Security and Medicare.

The stock market refers to a public marketplace in which

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How the UK economy fared this week

It was a whirlwind week for the UK economy, with Britain sealing its first post-Brexit trade deal with Japan, the pound taking a beating and gross domestic product (GDP) slowly rebounding in July.

Here’s all you need to know about all the major events and the state of play of the UK economy.

In a positive uptick, the latest figures from the Office for National Statistics (ONS) showed that Britain’s economy continued to rebound in July, from the deepest recession on record, following the coronavirus crisis.

The data showed that GDP grew by 6.6%, signalling the third consecutive month of expansion. GDP measures the total value of services and goods produced in the UK.

Growth in the UK’s biggest sector, services, came in at 6.1%, lower than the 7% expected by analysts in a Reuters poll.

However, other parts of the economy saw rapid expansion in July. Construction output rose

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Phoenix invests big in health care and biosciences, hoping to boost economy and add jobs

Corrections & Clarifications: A previous version of this article gave an incorrect location for ASU’s Health Futures Center. It will be housed in a new building next to Mayo Clinic’s Phoenix campus.



a tall building in a city: Wexford Science & Technology is building a new innovation center downtown, which will host different science and healthcare researchers, students and entrepenuers.


© Courtesy of Wexford Science & Technology
Wexford Science & Technology is building a new innovation center downtown, which will host different science and healthcare researchers, students and entrepenuers.

Phoenix recovered more slowly than the rest of the nation after the Great Recession, taking years to recoup lost jobs.  

But this time around, the region might see faster recovery from the COVID-19 recession.

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One big reason is the city’s changing economic landscape, which has begun to rely less on construction and focus increasingly on sectors like health care and bioscience.

Those industries are more resilient in the face of economic changes, said 

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