Spain's economy shrinks, oil looms large with oversupply

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Thursday related to the global economy, the work place and the spread of the virus.

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CENTRAL GOVERNMENT & BANKS: Nations are continuing attempts to reopen businesses. But evidence of the economic damage from the virus is widespread.

— Spain’s economy shrunk by 5.2% in the first three months of the year. That breaks with 25 consecutive periods of positive economic activity going back to 2013.

Spain’s National Institute of Statistics said Thursday that the drop in economic activity came after 0.4% growth in the final quarter of 2019. The measurement was based on preliminary data.

— Ukrainian authorities have opened all 872 food markets in the country as the government prepares to gradually lift a lockdown enacted on March 12.

The decision to reopen the markets comes after a series protests all around Ukraine, during which entrepreneurs and farmers bemoaned the dire economic straits the lockdown has put them in.

Ukrainians will be allowed to go to the markets while wearing masks and observing social distancing. Two inspectors will be assigned to each market to make sure the rules are followed and to check visitors’ temperatures.

— Greece’s prime minister is outlining steps his center-right government is taking to aid the economy during the pandemic.

Prime Minister Kyriakos Mitsotakis announced plans this week to ease lockdown restrictions over two months, starting May 4.

Greece is widely expected to follow other European countries into recession in 2020. Government estimates say the contraction will be between 4% and 8% of gross domestic product. But financial sector estimates say the downtown could be...