Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Visa Foundation disburses $ 210 million for small and micro businesses

Since the explosion of the corona virus pandemic, the world has almost come to a standstill and the lights of the world economy are red. To help the most fragile businesses not to be affected by this health crisis, the Visa Foundation has put its hand in its pocket.
 
Visa Foundation disburses $ 210 million for small and micro businesses

$ 210 million. This is the amount of funds that the Visa Foundation is making available to small and micro businesses around the world to help them withstand the health crisis caused by the corona virus pandemic that is plaguing the global economy. A gesture which, in addition to responding to an urgent need of local communities following the spread of COVID-19, is part of the long-term objective of this Foundation in terms of economic advancement of women and inclusive economic development. This support from the Visa Foundation will be structured in two phases. The first $ 10 million program is for immediate emergency assistance to support front-line charities responding to the COVID-19 pandemic, such as public health and food aid, in each of the five geographic regions where Visa operates: North America; Latin America and the Caribbean; Europe; Asia Pacific ; and Central Europe, Middle East and Africa. “As COVID-19 continues to spread, communities are feeling the effects and need our immediate support. As a global company operating a very local business, we recognize this need. We are also committed to long-term recovery and will continue to explore ways to accelerate economic activity in line with our mission to help individuals, businesses and economies thrive, "said Al Kelly, CEO and President of Visa.




The second program is a strategic commitment of $ 200 million over five years to support small and micro enterprises around the world, with a focus on the economic advancement of women. This second program is justified, according to the officials of this foundation, by the fact that small and micro-enterprises are the backbone of the world economy, representing more than 90% of global companies and contributing to 50 to 60% of global employment. However, there is an annual credit deficit of $ 300 billion in the financing of small and micro-enterprises owned by women, which will unfortunately increase due to the economic turbulence caused by COVID-19. The Visa foundation has therefore estimated that support for small businesses that are on the front line to stimulate economic growth must be ¨more than ever accelerated¨ As part of the $ 200 million program for small and micro enterprises, a $ 60 million will be used to subsidize NGOs dedicated to supporting owners of small and micro enterprises, many of whom are women, in each region where Visa operates. The Visa Foundation will also allocate $ 140 million with investment partners that generate positive social and financial returns for small and micro businesses.