Financial markets are facing their worst crisis since 1929, a veteran analyst has told CNBC, as top economists downgrade their forecasts to point to an impending global recession.
After the stock market crash of October 29, 1929, the S&P 500 fell 86% in less than three years and did not regain its previous peak until 1954.
IHS Markit on Wednesday revised down its forecast for world real GDP growth in 2020 to 0.7%. Growth below 2.0% is classified as a global recession.People gathering on Wall Street in front of the New York Stock Exchange, October 25, 1929.
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