The world economy has fallen into recession, suffering from a “wicked cocktail” of coronavirus and the dramatic action to limit its spread, according to four former IMF chief economists.
As the virus has spread from China to the rest of the world, economists no longer feel they have to wait for data to confirm the world is in recession, even though official forecasts remain more optimistic.
The former top officials agreed that addressing the public health needs was the first priority, but said that with a sharp downturn likely, governments should be preparing to spend significant sums to protect businesses and households.
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