OVER the past couple of months, financial markets have fluctuated wildly due to the Covid-19 pandemic and collapse of crude oil prices since early March. Warnings of an imminent global recession have been ringing louder than ever.
The pandemic has hammered the global economy leading to significant job losses and business closures due to unprecedented measures implemented to contain the spread of the virus.
With disappointing economic indicators worldwide, a considerable downturn is expected, potentially worse than the 2009 Global Financial Crisis (GFC).
The global economy was already trending downwards prior to Covid-19. The private sector will likely take the biggest hit. Business investments and overall economic activities will likely be delayed or scaled down.
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