Sunday, March 22, 2020

Warning of biggest peacetime economic slump since the Great Depression

Coronavirus is expected to cause economic carnage of the like not seen since the late 1920s

Coronavirus is set to plunge the world into its biggest peacetime slump since the era of the Great Depression, according to alarming new forecasts.

The brutal recession triggered by the Covid-19 outbreak is likely to shrink the world economy by at least 4pc this year, the Centre for Economics and Business Research has warned.

Such a decline would represent some $3.6 trillion (£3trn) in lost output.

If the CEBR’s forecast is correct - and it cautions there is a “huge margin of error” - the fall would represent the worst year for global growth since 1931 outside of wartime according to the think-tank.  Read more >>