The COVID-19 pandemic continues to worsen and now stands at 887,067 cases worldwide – a doubling last week’s total. According to data compiled by John Hopkins University, countries with the largest outbreaks are as follows: the United States (190,740 cases), Italy (105,792), Spain (102,136), China (82,361), Germany (74,508), France (52,870), Iran (47,593), and the United Kingdom (29,842). There have now been over 44,264 deaths worldwide.

The situation in the United States continues to deteriorate, with President Trump warning of a ‘painful’ two weeks ahead. The country now accounts for almost twice the confirmed infections of the second-largest outbreak in the world, and White House spokespeople were preparing the public for a potential 100,000-240,000 deaths before the pandemic had run its course. A total of 700 deaths were reported on Tuesday – the highest single day count since the crisis began.

Many now believe a global recession is imminent, and an increasing number are going so far as to invoke the possibility of a depression. Here are some of the significant economic developments from the past week: