The global economy is set to see a recession this year due to the severe economic shock caused by the coronavirus, or Covid-19, and the risks remain on the downside, S&P Global said Tuesday.
"As the coronavirus pandemic escalates and growth heads sharply lower against a backdrop of volatile markets and growing credit stress, we now forecast a global recession this year, with 2020 GDP rising just 1.0 percent -1.5 percent," S&P's global chief economist Paul Gruenwald said.
"The risks remain firmly on the downside."
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