Deutsche Bank is the latest financial institution to forecast a global recession in 2020, and its second-quarter projections would be the biggest economic contractions in nearly 80 years.
Plummeting first-quarter demand in China will initiate the global slowdown before a similar hit is seen in the eurozone and the US, the team of economists led by Peter Hooper wrote on Wednesday. The coronavirus outbreak has already dragged major economies close to complete halts as quarantine orders and business shutdowns block consumer spending and leave companies rushing to shore up cash.
China will see its gross domestic product slump by 31.7% in the first quarter before rocketing to 34% in the following three-month period, the economists said. The US economy will grow by just 0.6% in the first quarter before slipping into a 12.9% contraction, they added.
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