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Morgan Stanley, Goldman Declare Global Recession Under Way

  • Slump likely to be worse than 2001, though not as deep as 2009
  • Risks include virus lingering and markets freezing up
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WATCH: How Long? How Deep? Morgan Stanley economist Jacob Nell weights in.(Source: Bloomberg)
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Goldman Sachs Group Inc. and Morgan Stanley economists joined the rush on Wall Street to declare that the coronavirus has triggered a global recession, with the debate now focusing on its likely length and depth.

A day after President Donald Trump conceded the U.S. slump alone is set to be “a bad one,” economists threw away their forecasts that the world could avoid tumbling into recession for the first time since the financial crisis.