As restaurants, shops, airlines and factories shut down around the world, from New York to Paris and Madrid, economists are warning that a global recession is no longer a looming threat. It's here.
Dire economic data released by China on Monday showed that the country was pummeled by the coronavirus outbreak in January and February. The world's second biggest economy looks unlikely to recover any time soon. Now, with governments and central banks in Europe and North America pursuing drastic measures to try to control the pandemic, Asia still on high alert, and financial markets in meltdown, a growing number of experts say that a global contraction is beginning.
4%, down from 1.2%. "These shutdowns and rising public anxiety about the virus are likely to lead to a sharp deterioration in economic activity in the rest of March and throughout April," chief economist Jan Hatzius told clients.Economists at ING said Sunday that they expect the US economy to shrink 8% in the second quarter, on par with the slump experienced during the 2008 financial crisis.
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.
U.S. economy is now in recession, UCLA Anderson Forecast saysThe coronavirus pandemic has already caused the recession to begin, the UCLA Anderson Forecast says in an unprecedented update.
Read more »
Coronavirus vaccine trial starts Monday, government official saysA clinical trial evaluating a vaccine designed to protect against the new coronavirus will begin Monday.
Read more »
“A Quiet Place Part II” Will Hit Theaters Later Than Expected'I'm gonna wait to release the film til we CAN all see it together.'
Read more »
12 most-searched questions about the new coronavirus answeredThe 12 most-searched questions about the new coronavirus answered
Read more »