COVID-19 recession
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Coronavirus recession refers to an economic recession which has been claimed to have started affecting the world economy in 2020 due to the 2019–20 coronavirus pandemic.
While economic data takes time to be collected, many economists agree that the recession is already happening. This has also been supported by findings from surveys of purchasing managers in advanced economies.
IMF managing director, Kristalina Georgieva, on March 24 declared in a statement that the Global economy will contract in 2020 and this "recession [is] at least as bad as during the global financial crisis or worse." Almost 80 countries have asked the IMF for help.
Some economists suggest that China's economy may contract for the first time since the 1970s. Caixin's purchasing managers index for the services sector of China’s economy fell to 26.5 in February 2020, the lowest figure recorded since the survey’s advent in 2005. As the coronavirus spreads around the world, the stock markets have experienced their worst crash since 1987.
Many countries with large economies, such as Italy and Spain, have enacted quarantine policies. This has led to the disruption of business activities in many economic sectors.
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