Coronavirus: Student dropout crisis looms, UN says; India surpasses 5 million cases

Coronavirus live updates: Student dropout crisis looms, UN says; India surpasses 5 million cases via CNBC #news #CNBC

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Global deaths from Covid-19 are accelerating as the worldwide death toll approaches 1 million. The World Health Organization reported deaths rose by 8% last week compared to the week before, with more than 40,600 fatalities recorded. The U.S., Brazil and India account for the largest shares of that cumulative total, with the U.S. alone accounting for 20% of the tally. Worldwide new cases are declining, but hospitals and deaths typically lag behind new cases by a couple of weeks. 

The Organization for Economic Cooperation and Development expects the world economy to contract 4.5% this year, reflecting an unparalleled fall in output in the wake of the coronavirus pandemic.

The updated prediction for global economic growth comes as sectors such as travel and tourism have been decimated by the global health crisis, and at a time when many countries grapple with an upsurge in the number of reported Covid-19 infections.

The intergovernmental body had previously estimated the world economy would decline by 6% in 2020. It has predicted global gross domestic product (GDP) will grow by 5% next year. — Sam Meredith

Indias Health Ministry reported a single-day increase of 90,123 Covid-19 infections in the last 24 hours, taking the countrys total number of cases to 5,020,359.

The worlds second-most populous country has recorded 82,066 deaths related to the virus, after reporting an additional 1,290 fatalities in the last 24 hours.

Only the U.S. has recorded more cases of the coronavirus, with 6.6 million infections and 195,942 related deaths, according to data compiled by Johns Hopkins University. — Sam Meredith

FedEx reported strong first-quarter earnings thanks to a boost in shipping during the Covid-19 pandemic. Shares jumped about 8% during extended trading.

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