More Italy Protests As Virus Gloom Engulfs Global Economy

Rome, (UrduPoint / Pakistan Point News - 28th Oct, 2020 ) :Italian police fired teargas at demonstrators protesting virus restrictions on Tuesday for the second night running, as dire figures on global tourism and investment highlighted the devastating economic impact of the pandemic.

Thousands protested again in Italian cities with the cry of "freedom" punctuated by clashes with police, with many traders and employees fearing a second wave economic slump as much as the rising virus numbers.

The protesters are upset at the mandatory early closure of restaurants and other businesses. Some of the rallies have turned violent, particularly in Milan and Turin on Monday night, where angry youths threw petrol bombs and stones at police cars and smashed up shop fronts.

The clashes are "a black page" in Turin's history, said local police chief Giuseppe De Matteis, "which cannot be attributed to social discontent but... to orchestration by individuals dedicated to crime".

Late on Tuesday, the Italian government announced the release of five billion Euros ($5.9 billion Dollars) of funding for the worst hit professions, including restaurants, taxi drivers and live entertainment venues.

However, unhappiness over the measures in Italy and elsewhere in Europe -- once again the global epicenter of the pandemic -- is palpable among the business owners and residents who are once again facing lengthy restrictions as economies struggle to recover.

The United Nations, which is battling its own outbreak, forcing it to halt all face-to-face meetings at its New York headquarters, published a slew of data laying bare the travails of the global economy.

While the World Tourism Organization said tourism had collapsed by 70 percent this year leading to a $730-billion loss in revenues, the UN's trade body UNCTAD said foreign direct investment was likely to slump by 40 percent.

The grim economic outlook was compounded by continuing spikes in virus cases across Europe and beyond -- Iran and Russia both registering record highs for daily cases on Tuesday.

Russian Foreign Minister Sergei Lavrov is self-isolating after coming into contact with someone who tested positive for Covid-19, his ministry said Tuesday.

Worldwide more than 1.1 million have died from the virus since it emerged late last year in China.

The United States is the worst-affected country with 225,739 deaths.