Ratings agency Fitch cut Italy’s government debt grade, the first downgrade to a major economy to reflect the surge in public debt that is expected to hit countries dealing with the vast costs of the coronavirus lockdownApril 29, 2020, 12:35 PM5 min read The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the global economy, the work place and the spread of the virus. ———————————————————————— CENTRAL GOVERNMENTS & BANKS: Countries are slowly trying to reopen their economies in phases, as infections wane in some locations and calls for getting back to business grow. — Ratings agency Fitch cut Italy’s government debt grade, the first downgrade to a major economy to reflect the surge in public debt that is expected to hit countries dealing with the vast costs of the coronavirus lockdown. The agency lowered Italy’s rating by 1 notch to BBB- from BBB, just one level above junk bond status. It expects the outbreak to shrink the Italian economy by 8% this year and that there is a risk of a deeper downturn. — The United Nations’ main labor body is again raising its prediction of job


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