An 'open' sign sits on the ground outside of a closed store in New York as the coronavirus keeps many businesses closed. With much of the nation shut down to halt the spread of the novel coronavirus, the economy has taken its biggest hit since the Great Depression of the 1930s. AFP
An 'open' sign sits on the ground outside of a closed store in New York as the coronavirus keeps many businesses closed. With much of the nation shut down to halt the spread of the novel coronavirus, the economy has taken its biggest hit since the Great Depression of the 1930s. AFP
An 'open' sign sits on the ground outside of a closed store in New York as the coronavirus keeps many businesses closed. With much of the nation shut down to halt the spread of the novel coronavirus, the economy has taken its biggest hit since the Great Depression of the 1930s. AFP
An 'open' sign sits on the ground outside of a closed store in New York as the coronavirus keeps many businesses closed. With much of the nation shut down to halt the spread of the novel coronavirus,

US economy set to shrink 38% in Q2 and won't fully rebound until after 2021, CBO says


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  • Arabic

The US economy should bounce back sharply in the third quarter after its deep coronavirus-related collapse, but it will not fully recover lost ground until sometime after next year, the non-partisan Congressional Budget Office said on Tuesday.

In an updated economic forecast, the CBO projected the economy would contract at a 37.7 per cent annual rate in the second quarter, but expand at a 21.5 per cent pace in the July-September period.

Even so, US gross domestic product will not return to its heights from the start of this year within the forecast period that runs through the end of 2021, the agency predicted.

With much of the nation shut down to halt the spread of the novel coronavirus, the economy has taken its biggest hit since the Great Depression of the 1930s.

A staggering 20.5 million people lost their jobs in April, as the unemployment rate jumped to 14.7 per cent, a post-Second World War record, from 4.4 per cent in March.

The CBO said it expected the jobless rate would hit a peak in the third quarter and projected it would average 15.8 per cent.

While it forecast a steady decline from there, it cautioned that the recovery would be prolonged.

"The persistence of social distancing will keep economic activity and labour market conditions suppressed for some time," the CBO said.

Even by the fourth quarter of 2021, the jobless rate would likely remain at a relatively lofty 8.6 per cent, with the level of employment still below where it stood at the start of this year, it said.

The economy contracted at a 4.8 per cent rate in the January-March quarter. Output is expected to contract at as much as a 40 per cent pace in the second quarter, the deepest since the 1930s.

While you're here
While you're here

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

The specs: 2018 Chevrolet Equinox

Price, base / as tested: Dh76,900 / Dh110,900

Engine: 2.0L, turbocharged in-line four-cylinder

Gearbox: Nine-speed automatic

Power: 252hp @ 5,500rpm

Torque: Torque: 352Nm @ 2,500rpm

Fuel economy, combined: 8.5L / 100km

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Turkish Ladies

Various artists, Sony Music Turkey 

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E77kWh%202%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E178bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E410Nm%0D%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E402km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh%2C150%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ETBC%3C%2Fp%3E%0A
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Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

AGL AWARDS

Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)

Apple%20Mac%20through%20the%20years
%3Cp%3E1984%20-%20Apple%20unveiled%20the%20Macintosh%20on%20January%2024%3Cbr%3E1985%20-%20Steve%20Jobs%20departed%20from%20Apple%20and%20established%20NeXT%3Cbr%3E1986%20-%20Apple%20introduced%20the%20Macintosh%20Plus%2C%20featuring%20enhanced%20memory%3Cbr%3E1987%20-%20Apple%20launched%20the%20Macintosh%20II%2C%20equipped%20with%20colour%20capabilities%3Cbr%3E1989%20-%20The%20widely%20acclaimed%20Macintosh%20SE%2F30%20made%20its%20debut%3Cbr%3E1994%20-%20Apple%20presented%20the%20Power%20Macintosh%3Cbr%3E1996%20-%20The%20Macintosh%20System%20Software%20OS%20underwent%20a%20rebranding%20as%20Mac%20OS%3Cbr%3E2001%20-%20Apple%20introduced%20Mac%20OS%20X%2C%20marrying%20Unix%20stability%20with%20a%20user-friendly%20interface%3Cbr%3E2006%20-%20Apple%20adopted%20Intel%20processors%20in%20MacBook%20Pro%20laptops%3Cbr%3E2008%20-%20Apple%20introduced%20the%20MacBook%20Air%2C%20a%20lightweight%20laptop%3Cbr%3E2012%20-%20Apple%20launched%20the%20MacBook%20Pro%20with%20a%20retina%20display%3Cbr%3E2016%20-%20The%20Mac%20operating%20system%20underwent%20rebranding%20as%20macOS%3Cbr%3E2020%20-%20Apple%20introduced%20the%20M1%20chip%20for%20Macs%2C%20combining%20high%20performance%20and%20energy%20efficiency%3Cbr%3E2022%20-%20The%20M2%20chip%20was%20announced%3Cbr%3E2023%20-The%20M3%20line-up%20of%20chip%20was%20announced%20to%20improve%20performance%20and%20add%20new%20capabilities%20for%20Mac.%3C%2Fp%3E%0A
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

UAE currency: the story behind the money in your pockets
The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

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Fifa%20World%20Cup%20Qatar%202022%20
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