The Deseret News is tracking news related to the pandemic across the United States and around the world. Refresh this feed for live updates throughout the day.
Coronavirus impact money begins to hit Americans’ bank accounts
The government has begun to deposit coronavirus impact checks into millions of Americans’ bank accounts, the U.S. Department of Treasury said Tuesday.
In a press release, Treasury officials said they expect tens of millions of tax payers to receive economic impact payments by Wednesday. The first wave of the stimulus is going to people who filed direct deposit account information with their taxes for 2019 or 2018.
“We expect over 80 million Americans to get their money by direct deposit by this Wednesday!,” Treasury Secretary Steven Mnuchin said on Twitter Tuesday afternoon.
Millions of Americans are already seeing their Economic Impact Payments in their bank accounts. We expect over 80 million Americans to get their money by direct deposit by this Wednesday! https://t.co/IWIF3Tq741— Steven Mnuchin (@stevenmnuchin1) April 13, 2020
A website titled “Get My Payment” will be available later this week for those who have not used direct deposit in the past to submit their banking information directly to the IRS in order to receive their stimulus payment sooner. Paper checks will be mailed starting at the end of the month, according to the Treasury statement.
IMF: Coronavirus, lockdowns could restructure the global economy
The International Monetary Fund expects the coronavirus and its fallout to cause the world’s economy to shrink by 3% this year, Reuters reported. That would be the sharpest fall since the 1930s.
“It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” according to the IMF’s 2020 World Economic Outlook.
“The Great Lockdown” in response to the novel coronavirus could lead to deglobalization and threaten transnational supply chains.
In “best-case scenarios”, the IMF said, the recession would cause a total two-year loss of output worth $9 trillion. The global market is expected to recover some by 2021, but not to pre-coronavirus projections.
Advanced, emerging and developing economies are all in recession — which hasn’t happened since the Great Depression — the IMF said on Twitter Tuesday.
The IMF is a global organization whose mission is to “ensure the stability of the international monetary system.”
For the first time since the Great Depression, both advanced economies and emerging market and developing economies are in recession: growth in AEs is projected at -6.1% and EMDEs -1.0%. For more details, read the #IMFBlog on the #WEO https://t.co/5rJQbhTmkm pic.twitter.com/ZrdrP4n6uY— IMF (@IMFNews) April 14, 2020
Coronavirus most deadly in Europe, US
The deadly coronavirus is taking its highest toll in European countries and the United States, according to data from Johns Hopkins University and Medicine.
Italy and Belgium have the highest mortality rate among confirmed cases of COVID-19, at 12.8%. The United Kingdom is just behind them at 12.7%. France, the Netherlands and Spain are all above 10%.
Spain has suffered the most deaths per capita, with 38 dead for every 100,000 people. The second- and third-deadliest countries by that measure are Belgium and Italy at 34.17 and 33.86 per 100,000, respectively.
The United States has had the most total deaths, with 21,662 — almost 18% of the world’s 121,900 total losses, despite comprising only 4.3% of the global population. The U.S. mortality rate for coronavirus is 4.1% — just over China’s 4.0% — and 7.19 per 100,000 people have died from the virus per in the States.