Research, data and specialsts oppinion suggest the Great Lockdown will be the worst recession since the Great Depression, and far worse than the Global Financial Crisis
This makes the Great Lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis.
Under the assumption that the pandemic and required containment peaks in the second quarter for most countries in the world, and recedes in the second half of this year, in the April World Economic Outlook we project global growth in 2020 to fall to -3 percent (as compared to 0.1 percent during the Global Financial Crisis in 2009)
Date: April 2020
Source: International Monetary Fund
Source: https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020
International Labour Organization warns
ILO: As job losses escalate, nearly half of global workforce at risk of losing livelihoods
… 1.6 billion workers in the informal economy – that is nearly half of the global workforce – stand in immediate danger of having their livelihoods destroyed, warns the International Labour Organization.
According to the ILO Monitor third edition: COVID-19 and the world of work , the drop in working hours in the current (second) quarter of 2020 is expected to be significantly worse than previously estimated.
Source: https://www.ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/documents/briefingnote/wcms_743146.pdf
Source: https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_743036/lang–en/index.htm
As a result of the pandemic, the global economy is projected to contract sharply by – 3 percent in 2020, much worse than during the 2008–09 financial crisis.
Date: April 2020
Source: https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020
Coronavirus: Leading economist warns of 10 years of depression and debt
https://www.bbc.com/news/business-52752172