COVID-19 crash

COVID-19 crash to be worse than 2008 The coronavirus crisis will damage the global economy more than the 2008 financial crisis, the OECD and the IMF said yesterday. IMF boss Kristalina Georgieva called for countries to “undertake more bold fiscal actions” adding that she hoped the world would see a recovery in 2021. Separately, analysts at Goldman Sachs predict that the slowdown caused by the COVID-19 pandemic will cause the global economy to shrink by 1% this year. Meanwhile, UBS economist expect Europe's economy to shrink by 4.5% this year, similar to 2008.