COVID-19 In Focus: More Economists See Severe Economic Impact

April 9, 2020//-Economists once again downgraded their forecasts for the global economy this week, as economic data—such as PMI readings and U.S. jobless claims—began to reflect the severity of the coming downturn.

According to a 6–7 April survey of 77 institutions, close to half now see the coronavirus pandemic hitting 2020 global growth by more than three percentage points.

Moreover, 74% of surveyed panelists now expect the negative impact of Covid-19 to drag into 2021. This is up from 68% in last week’s report and up from 5% in our first Covid-19 survey published on 25 February.

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Eurozone economic outlook darkens considerably

The outlook for the Eurozone economy has darkened considerably in recent months, owing to the coronavirus pandemic and the draconian containment measures adopted by governments in efforts to slow its spread. Covid-19 has hammered the stock markets, the tourism sector, manufacturing production and investment decisions, with consumer confidence and the composite PMI in March plunging in tandem.

According to Focus Economics’ https://www.focus-economics.com/content/coronavirus-weekly-update-9-april , Consensus Forecast now sees the Eurozone economy contracting 4.1% in 2020, which is down 5.1 percentage points from last month’s forecast.

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