Economics
World Economy Faces Worst Year Since ‘09 as Virus Hopes Fade
- Bank of America cuts forecast for 2020 global growth to 2.8%
- ECB, Fed say too early to respond even as markets predict cuts
This article is for subscribers only.
The world economy may be heading for its worst performance since the financial crisis more than a decade ago as the spread of the coronavirus increasingly dashes hopes of a swift rebound.
Just weeks since most economists bet the China-led slump would quickly reverse once the virus was contained, many are rethinking that optimism as swathes of Chinese factories stay shut and workers idled. Having already cut supply chains and undermined tourism and trade, outbreaks from Europe to the Americas threaten activity elsewhere too.