A deeper contraction than the global financial crisis likely in 2020 – HSBC

Analysts at HSBC offer their bleak outlook on global economy, with a steeper contraction predicted in the face of the coronavirus pandemic.

Key quotes

“We are likely to see a deeper contraction in 2020 than during the global financial crisis. But so much depends on what comes next: how long the suppression measures last, what medical science can deliver, what further policy support is available.

What is already clear is that this is not just a short-term issue: the medium to long-term implications for global growth, debt levels, public policy and globalization are going to be vast.”

• Global economy to contract by 2% in 2020, recovery to be U–shaped – Reuters poll