NSTbusiness The global economy is already in a recession as the hit to economic activity from the Covid19 coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week.
The spread of the disease has sent financial markets into a tailspin despite some of the biggest emergency stimulus measures since the global financial crisis announced by dozens of central banks across Europe, the Americas, Asia and Australia.
“There is no longer doubt that the longest global expansion on record will end this quarter. The key outlook issue now is gauging the depth and the duration of the 2020 recession.” “The evolving news on Covid-19 has triggered ‘forecast leap frogging,’ with economists and strategists repeatedly lowering their forecasts. Among the big three economies, the US and the euro area will see negative growth, while Chinese growth is expected to come in at a paltry 1.5 per cent,” said Ethan Harris, head of global economics at BofA.
“Consistent with this, our economists now expect recessions in Europe, Japan, Canada and possibly the United States.” As for the world’s second largest economy, China, where the virus outbreak originated, a Reuters poll published on March 6 showed the outlook was once again cut significantly for this quarter, next quarter, and for 2020.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What's trending on Google? Covid-19, Covid-19, Covid-19Google is swamped with internet users trying to find out what they can about the virus sweeping the globe. FTMNews FMTLifestyle Covid19
Read more »
France rocked by 108 new Covid-19 deaths in last 24 hoursTop health official says virus spreading 'rapidly and intensely' in country. FMTNews
Read more »
Italy passes China's Covid-19 deaths, braces for long lockdownThe Mediterranean country's toll reached 3,405 after 427 new deaths. FMTNews Covid19
Read more »
With Malaysian-made Covid-19 vaccine a possibility, firm pleads for Putrajaya’s backing | Malay MailKUALA LUMPUR, March 20 — A local vaccine manufacturer has pleaded for cooperation and support from Putrajaya, claiming it is being hampered by red tape despite allegedly having a potential cure to the Covid-19 pandemic. Puchong-based Malaysian Vaccines and Pharmaceuticals (MVP) Sdn Bhd said it...
Read more »
China reports no new domestic Covid-19 cases for first timeThe stark reversal comes as nations across the world struggle to contain the pandemic. FMTNews China Covid19 COronavirus
Read more »
Doktor tentera, pencen dipanggil jika kes Covid-19 naik mendadak, kata menteriDr Adham Baba berkata, langkah itu hanya akan dilakukan apabila perlu bagi mengimbangi keperluan doktor sedia ada dalam usaha meningkatkan sistem penjagaan kesihatan negara. FMTNews DrAdhamBaba Covid19 WHO
Read more »