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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