The global economy is already in a recession as the hit to economic activity fro...
BENGALURU - The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week.
More than three-quarters of economists based in the Americas and Europe polled this week, 31 of 41, said the current global economic expansion had already ended, in response to a question about whether the global economy was already in recession. The worst-case views on growth taken just weeks ago in some cases have already into the central scenario for private sector economists in Reuters polls.
“As cases of coronavirus spiral upward, disruptions to the global economy are increasing. We have cut our global GDP growth forecast to 1.25% for the year - less severe than the deep recessions of 1981-82 and 2008-09, but worse than the mild recessions of 1991 and 2001,” noted Goldman Sachs’ economics research team.
“We’re still getting our heads wrapped around that. We think it’s quite likely that the U.S. has a small technical recession this year.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus live updates: 118 fatalities in US, global death toll surpasses 8,200NEW: National Park Service suspends entrance fees at parks that remain open: 'This small step makes it a little easier for the American public to enjoy the outdoors in our incredible National Parks.'
Read more »
Coronavirus live updates: Global death toll surpasses 8,000White House submits additional $45.8 billion funding request to Congress—in addition to the trillion-dollar package currently being negotiated—to cover unanticipated costs for array of federal agencies fighting the coronavirus.
Read more »
WHO and CDC never discussed providing international test kits to the US, global health agency saysAs the United States struggled to launch testing for the novel coronavirus using kits developed by the US Centers for Disease Control and Prevention, the World Health Organization shipped hundreds of thousands of tests to countries around the world.
Read more »
Disney Suspends Global Weekend Box Office Reporting; Don’t Expect A Top 10 Chart For A WhileDisney, which has had the No. 1 movie over the last two weekends with Pixar’s Onward, as the coronavirus crisis has gripped the nation and shut down movie theaters nationwide, has announced i…
Read more »