More pain was seen on the economic front. Japan, the world’s third-largest economy, could contract by a record 25% this quarter, the highest since gross domestic product began to be tracked in 1955. The dismal prediction by two economists said exports are expected to dive 60% in the April-June period.
The Bank of France said the French economy has entered recession, with an estimated 6% drop in the first quarter compared with the previous three months, while Germany, Europe’s economic powerhouse, is also facing a deep recession. Expert said its economy will shrink 4.2% this year.
European governments have been scrambling to put together hundreds of billions of euros to save lives and prevent bankruptcies. The countries worst hit by the virus are among those that can least afford the costs, like Italy and Spain. But they disagree over how to tackle the challenge.
The finance ministers of countries using the euro failed Wednesday to agree on how to help their nations through the crisis, after marathon all-night talks. They will resume on Thursday.
With European health workers toiling round the clock in a desperate bid to save lives, the psychological toll is becoming unbearable.
Weeks into Italy’s outbreak, two nurses have killed themselves and more than 70 doctors and 20 nurses have died from the virus. Hospitals are making therapists available to help staff cope with the effects of seeing so much death. Italy is the hardest-hit country overall, with over 17,000 deaths.
In Spain, nurse Diego Alonso said he and colleagues have been using tranquilizers to cope.
“The psychological stress from this time is going to be difficult to forget. It has just been too much,” he said.
Spain’s Health Ministry on Wednesday reported 757 new deaths, bringing the total to more than 14,500, and 6,180 new infections. Both figures were slightly higher than Tuesday’s, when the first increase in five days was explained by a backlog of test results and unreported weekend fatalities.
Spanish authorities have acknowledged that laboratory bottlenecks and a shortage of testing kits are giving an incomplete picture of the disaster.
In Wuhan, the Chinese city of 11 million where the pandemic began, residents waved flags and the city staged a light show with skyscrapers and bridges radiating images of health workers helping patients.
Restrictions in the city where most of China’s more than 82,000 virus cases and over 3,300 deaths were reported have been gradually eased in recent weeks as new cases declined.
“I haven’t been outside for more than 70 days,” said Tong Zhengkun. “Being indoors for so long drove me crazy.”