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A greater depression?
March 29, 2020 08:51 am
NEW YORK – The shock to the global economy from COVID-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression. In those two previous episodes, stock markets collapsed by 50 percent or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10 percent, and GDP contracted at an annualized rate of 10 percent or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialized in three weeks.
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