Coronavirus impact: Global economy already in recession

Coronavirus impact: Global economy already in recession

�The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week.. More than three-quarters of economists based in the Americas and Europe polled this week, 31 of 41, said the current global economic expansion had already ended, in response to a question about whether the global economy was already in recession.. "Last week we concluded that the Covid-19 shock would produce a global recession as nearly all of the world contracts over the three months between February and April," noted Bruce Kasman, head of global economic research at JP Morgan.. Economists have repeatedly cut their growth outlook over the past month and have increased their forecast probabilities for recession in most major economies.. The worst-case views on growth taken just weeks ago in some cases have already into the central scenario for private sector economists in Reuters polls.. "The evolving news on Covid-19 has triggered 'forecast leap frogging,' with economists and strategists repeatedly lowering their forecasts.. We now expect COVID-19 to cause a global recession in 2020, of similar magnitude to the recessions