Economics
Global Recession Risk Spikes as World Powers Down, Markets Slump
- Cancellations becoming the norm as virus smacks Europe, U.S.
- ECB’s Lagarde has warned of a 2008-style global shock
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A pandemic-driven global recession is becoming more likely by the day as the flow of goods, services and people face ever-increasing restrictions and financial markets slump.
In just the past day or so, President Donald Trump curbed travel to the U.S. from Europe, Italy’s government ordered almost every shop to close, India suspended most visas and Ireland partially shut down. Twitter Inc. joined companies telling employees to work at home and the National Basketball Association suspended its season.