This recession is more 'man made' than any before it
There was no boom and bust, no bubble that burst, no shocking attack on our shores. Rather, the government flipped the off switch on the economy in March to limit the spread of Covid-19 infections. People stayed home, businesses shuttered, millions of workers were laid off, and economic activity ground to a halt. This recession is more"man made" than any before it.Now economists wonder whether the economy can as easily be switched back on.
So far, the shortest downturn on record is 1980's six-month recession."The recession itself won't last long, because the trough will be quick. But the scars, the lingering effect from this, will be long lasting," said Gregory Daco, chief US economist at Oxford Economics.If we can switch the economy off, can we just switch it back on?Just how long the path to recovery might be is the biggest question on the minds of policy makers, central bankers and economists right now.
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