Coronavirus and Global Economy

Coronavirus and Global Economy1

Coronavirus and Global Economy

There are growing apprehensions among financial experts that coronavirus outbreak and the economic fallout it has sparked could plunge the world economy into a recession. Having largely ignored COVID-19 as it spread across China, global financial markets reacted strongly when the virus spread to Europe and the Middle East, stoking fears of a global pandemic. Since then, risks have been priced so aggressively that some fear a recession in the global economy may be a foregone conclusion. Italy’s decision to put much of its prosperous north—including its financial capital, Milan—on semi-lockdown, along with an escalating outbreak in the United States and a precipitous crash in oil prices, is forcing economists to reassess their predictions for how the virus will hit growth.

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