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Coronavirus pandemic has delivered the fastest, deepest economic shock in history25 Mar 2:00am

Coronavirus pandemic has delivered the fastest, deepest economic shock in history

The Guardian
The financial crisis and Great Depression took three years to play out, this crisis has taken three weeks. The Greater Depression beckons The shock to the global economy from Covid-19 has been faster and more severe than the 2008 global financial crisisand even the Great Depression. In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10% and GDP contracted at an annualised rate of 10% or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialised in three weeks. Earlier this month, it took only 15 days for the US stock market to plummet into bear territory (a 20% decline from its peak) – the fastest such decline ever. Now, markets are
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