Coronavirus: S&P, global downturn is here

(ANSA) - ROME, MARCH 17 - "The global recession is already here".
Standard & Poor's economists write it in a report, according to which the tightening of contacts between individuals and the movements of people will lead, as in China, also in the USA and Europe to a "collapse of demand" with global growth that will end at 1, maximum 1.5%, recession levels. The risks for the forecast are downward. For Morgan Stanley, the recession in 2020 will be worse than in 2001. The damage caused by the coronavirus and the tightening of financial conditions "will cause a material shock to the global economy". Morgan Stanley's chief economist, Chetan Ahya, says it, stressing that "this time it will be worse than the global recession of 2001".