Deflation Fears, Tourism’s Chills, Canada Farm Workers: Eco Day

(Bloomberg) -- Welcome to Thursday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• Sheltering Americans are giving tourism a record chill this summer. Meanwhile, President Trump is gambling on a resurrection, with lives and livelihoods
• It sounds odd to say inflation can ever be too low. But many economists had begun to worry about just that in recent years. And that was before the coronavirus pandemic
• Canada traditionally rolls out the welcome mat for seasonal workers to help on the country’s farms. Now it can’t find enough willing to make the journey
• Argentina plans to extend the deadline for creditors to consider a $65 billion debt restructuring offer into early June as both sides need more time to reach a deal, according to people with direct knowledge of the matter
• British banks are confronting the European import of sub-zero interest rates that could damage profits already weakened by the coronavirus pandemic, and the Brexit divorce rumbling towards its rocky end
• The euro-area economy started to claw its way out of its deepest downturn ever as the relaxing of coronavirus lockdowns allows thousands of businesses to reopen, while the U.K.’s slump also eased
• The World Bank named Harvard University professor Carmen Reinhart as its chief economist, tapping an expert in the history of debt and financial crises as the global economy suffers its deepest downturn since the Great Depression
• A potential $1 trillion could be lost from global growth as female workers fall out of the workforce during the coronavirus, according to a new analysis by Citigroup. Women are also taking on a disproportionate load as working parents’ chores and child care responsibilities almost double
• Collapsing tax revenue and soaring stimulus costs mean the Covid-19 recession is set to result in a historic increase in government debt. Taken together, by year-end 2021 G-20 economies are set to add $13.1 trillion to their debt stock, says Bloomberg Economics’ Tom Orlik and Scott Johnson
• Finally, don’t miss this week’s episode of the Stephanomics podcast

©2020 Bloomberg L.P.