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The Bank of England, London. Photo: Matt Dunham/AP

The United Kingdom is on track to enter its deepest annual recession in three centuries, the Bank of England forecast this week in its monetary policy report, the Financial Times writes.

The big picture: In March, the global market began seeing economic effects of the novel coronavirus outbreak morphing into a depression unlike any the world has seen in generations.

Details: The central bank sees an almost 30% drop in output in the first half of 2020, "the fastest and deepest recession since the 'great frost' in 1709," FT reports.

  • The U.K. unemployment rate is likely to reach 9% next year, the central bank forecasts, even as the government pays workers 80% of their salaries to make up for lost wages due to stay-at-home orders.
  • Near-term investments are expected to fall sharply in response to the pandemic, the bank forecasts — which will "permanently reduce" the productive capacity of the economy if not recovered after the outbreak ends.

Go deeper: Coronavirus could force the world into an unprecedented depression

Go deeper

Kushner defends COVID response: "We're still below the peak" of 2,500 daily deaths

White House senior adviser Jared Kushner defended the Trump administration's response to the coronavirus pandemic on Sunday, telling CBS News' "Face the Nation" that the current rate of deaths is "still below" the May peak of 2,500 per day and that "we know a lot more than we did five months ago."

Why it matters: The U.S. is one of the few wealthy countries that has failed to suppress the outbreak, reporting a total of over 5.3 million confirmed coronavirus cases and nearly 170,000 deaths since the start of the pandemic — by far the highest death rate in the world, according to Johns Hopkins.

Aug 16, 2020 - World

The U.S. is far behind other rich countries in coronavirus response

Data: WHO; Chart: Naema Ahmed/Axios

Over the past several weeks, the coronavirus has killed Americans at six times the average rate in other rich countries. And we’re recording about eight times more infections.

Why it matters: The virus burned through the rich world like wildfire in the spring, but this new data confirms that the U.S. is one of very few wealthy countries that have failed to suppress it since then.

Updated Oct 7, 2020 - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."