Bloomberg Russia’s deepening economic crisis is on the verge of spilling into some of the most remittance-dependent economies in the world. Migrant workers from the former-Soviet Union send $13 billion home each year from Russia, where they are allowed to work visa-free. But now that money is starting to dry up due to lockdowns in Moscow and St. Petersburg that ...

Bloomberg Europe is heading for a double-digit slump in first half of 2020 amid widespread lockdowns to stem the spread of the coronavirus, according to economists. Bloomberg’s monthly survey puts the contraction in the euro area at more than 10% in the January-June period, with most of the hit — 8.3% — in the second quarter. Even with an expected ...

Bloomberg The US federal budget deficit is on track to exceed $3.8 trillion this year even if Congress doesn’t enact any more stimulus spending, and the nation’s debt will rise to levels not seen since the country emerged from World War II, a non-partisan budget watchdog estimated. The projection by the Committee for a Responsible Federal Budget would put the ...