The global economy’s fragile recovery is facing a fresh hurdle as a surge in coronavirus cases threatens to keep businesses closed and consumers on edge.
Cases of the deadly virus rose by a record for a single day on June 21, according to the World Health Organization, with flare-ups across the U.S. and new scares in Germany and Australia. While China said the latest outbreak in Beijing is under control, other large emerging economies including Brazil, India and Indonesia continue to see cases soar.
"The fight is nowhere close to being over,” said Tuuli McCully, the Singapore-based head of Asia Pacific economics at Scotiabank. "A second significant wave of infections in advanced economies is a huge risk for the global economy that is still in very early stages of recovery.”
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