Coronavirus could plunge the global economy into a 'Greater Depression,' 'Dr. Doom' economist warns
Flash surveys of purchasing managers in France, Germany, the UK, and the eurozone suggest combined manufacturing and services activity"Not even during the Great Depression and World War II did the bulk of economic activity literally shut down, as it has in China, the United States, and Europe today," Roubini said in the Project Syndicate column.
2. Central banks"must continue to throw the kitchen sink of unconventional measures at the crisis," going beyond zero or negative interest rates and asset purchases to extending credit facilities to businesses of all sizes. Read more: As energy experts come to grips with the 'black swan' coronavirus and plunging oil, 4 of them share their outlook for the struggling industry — and assess the economic falloutRoubini warned that a swift recovery looks unlikely as public-health responses in the US and other countries have"fallen far short of what is needed," and thethat Democratic and Republican senators are scuffling over is"neither large nor rapid enough.
The economist predicted that economies and markets will"continue their free fall" if coronavirus isn't dealt with. He added that a recovery could stall this winter if the coronavirus mutates, therapies disappoint, government spending spikes inflation, or developing countries are unable to borrow enough in their own currencies.
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