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Over 10M people have been affected by Covid-19. Latin America remains in the spotlight. China's security law for Hong Kong worsened China-U.S. relations. Anti-racism movement spread globally. President Putin can have two more six-year terms. Libya’s war intensified. Israel’s annexation plans of West Bank caused tensions.
In May, the number of infected people by covid-19 exceeded 6M, America became the epicenter. In the US, mass protests after a black citizen was killed in police custody have spread nationwide. US – China relationship has worsened due to the situation in Hong Kong. The war in Libya has escalated. G7 meeting to be postponed.
COVID-19 remains in the spotlight. Many European countries, where new cases are declining, have started easing restrictions. In the US, new cases remain stable but the accusation exchange over the pandemic with China continues. The war in Libya and disputes related to Iran have intensified. The UK to initiate trade talks.
Coronavirus hits 180 countries. In the US, the epicenter, strict measures may continue till June. In Europe, it is top priority on the political agenda. G20 announced a united front against the pandemic. Tensions between China and the US due to the virus are easing off. The oil price war triggered a major fall in oil price.
The outbreak of Covid-19 will have a significant negative impact on economies at a global level with generalized shocks on supply and demand, therefore, we revised our GDP growth forecast to -4.5%. Fiscal objectives have to take second place; the most urgent is to underpin health systems and support workers.
The main hot spot was the coronavirus outbreak, which spread across the globe. Geopolitical developments in Syria’s Idlib province created further uncertainty. US President Trump was acquitted from all charges in the US Senate. The United Kingdom and the EU have resumed trade talks to define the post-Brexit period.
The coronavirus hits China, becomes an international emergency and worries markets. Trump revealed peace plan to end the Israeli-Palestinian conflict which did not please all countries. New regime offensive in Syria. UK leaves EU. Putin proposes constitutional reforms. Trump signed phase one of the trade deal with China.
The U.S. airstrike against Iranian Quds Forces General Qassem Soleimani triggered high levels of uncertainty in the region as Iran threatened to take revenge and the U.S. warned of further retaliation. Iran retaliated with missile attacks against two U.S. bases in Iraq but U.S. de-escalated the situation.