The International Monetary Fund (“IMF”) expects a three percent negative change in worldwide Gross Domestic Product (“GDP”) for the year 2020. They estimate this will be the worst recession since the Great Depression. Estimates shows that GDP in the USA is expected to decrease 5.9%, signaling the second highest drop in combined economic growth; Europe is expected to experience a slightly smaller decrease in GDP.
Though this is unfortunate, there is good news. Firstly, GDP growth is expected to return in 2021, though not as fast in the U.S. as in other advanced economies. Secondly, there are tax vehicles available which can protect your assets and decrease tax burdens while the market rebuilds.
See more info at https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/ or contact us here at Burton Law Firm.
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California has required employers to “indemnify” employees for “necessary expenditures or losses incurred by the employee in direct consequence of the discharge of his or her duties, or of his or her obedience to the directions of the employer” in substantially the same terms since 1937 under Labor Code § 2802.
