Market Superheros Better Not Disappoint This Time
When G-7 finance ministers and central bankers meet, they’ll have a chance to redo their haphazard response to the global financial crisis.
Not your standard G-7 class photo.
Photographer: Ollie Millington/Getty Images EuropeWorld economic powers have a rare second chance for a do-over of their haphazard and tardy response to the global financial crisis.
This opportunity is coming thanks to the spread of the coronavirus. Forecasts suggest the epidemic is the biggest threat to the economy since 2007-2009, when global gross domestic product collapsed, jobless rates surged and banks were propped up by the state. The Organization for Economic Cooperation and Development warned Monday the expansion will be just 2.4%, down from a prior estimate of 2.9%, and said things could get still worse. Bloomberg Economics expects China’s economy to record its worst ever performance this quarter. Last month, global manufacturing tumbled the most since 2009.