The economic recession due to SK will be 4 times greater than the 2008 crisis
16:45 - 04/14/2020
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Goldman Sachs expected that the GDP of developed countries will decline by 35% in the second quarter of this year, compared to the first quarter of 2020 in light of the spread of the emerging Corona virus.
"This major recession will more than quadruple the previous record of decline in gross domestic product recorded during the 2008 financial crisis," said expert Jean Hattius, who is chief economist at the bank.
"It is still difficult to guess, how quickly the economies of developed countries will be able to recover," Hathius wrote in a statement to clients. "That remains an open question, as no one knows how long people will stay at home, and when they can return to work."
He noted that what is worrisome is that "the improvement in the situation related to the epidemic may be a direct result of isolation measures and a decline in economic efficiency." He said the increase in infection rates could accelerate once people start returning to work.
Hateus added that the authorities of many developed countries have taken serious measures to support citizens and ensure the availability of loans, in the hope that this will help real estate owners and companies to continue during the crisis. However, Europe must do more, and rich countries should help emerging markets. 25 h has ended