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Illustration: Sarah Grillo/Axios

Coronavirus infections are rising in emerging countries like Brazil, Russia and India, which are now three of the five countries with the highest number of confirmed cases.

Why it matters: To offset some of the negative economic impact from the pandemic, governments have announced massive fiscal packages and new borrowing that threatens their credit ratings and the sustainability of their budgets, the IMF warned in its latest World Economic Outlook.

What they're saying: “The steep contraction in economic activity and fiscal revenues, along with the sizable fiscal support, has further stretched public finances, with global public debt projected to reach more than 100% of GDP this year,” the fund said.

  • In its base-case scenario, global public debt will reach a record high in 2020 of 101.5% of GDP and 103.2% of GDP in 2021.

What to watch: At its April meeting the IMF recommended coordinated fiscal stimulus, a moratorium on debt payment and debt restructurings, and additional financing and grants for the world's poorest countries.

  • Outside of financing and grants from the IMF and World Bank and a moratorium from official creditors for some countries, none of that has yet materialized.

The bottom line: Unless action is taken, the emerging world could face an escalating virus epidemic with less available capital and a growing pile of debt.

Go deeper: Policymakers eye next round of coronavirus economic relief

Go deeper

The national security risks hiding in Trump's debts

Illustration: Aïda Amer/Axios

The blockbuster New York Times report on President Trump’s taxes reveals that the president is $421 million in debt, with more than $300 million coming due during Trump’s potential second term — and the identities of the president’s creditors remain unknown.

Why it matters: If some, or all, of this debt is held by foreign actors, it raises serious national security implications.

Erica Pandey, author of @Work
36 mins ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.