Goldman Sees Virus as Largest Commodity Demand Shock Since 2008
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The world is facing the biggest commodity demand shock since the global financial crisis as the coronavirus outbreak that’s already rocked Asia spreads to the U.S. and Europe, according to Goldman Sachs Group Inc.
Disruption to economic activity in China has resulted in an estimated 4 million barrels a day of lost oil demand, compared to 5 million barrels in the Great Recession of 2008 and 2009, Jeff Currie, the bank’s head of global commodities research, said in a Feb. 28 report. With new cases being reported across Europe, the Middle East, and the U.S., economic impacts are likely to spread to the Atlantic over the next month.