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The coronavirus world recession

First published: The 18/03/2020

Last weekend the US Federal Reserve announced — unusually on a Sunday — emergency measures to cut interest rates and pump several hundred billion dollars into the financial system to prevent a potential economic seizure in the US. When markets re-opened on Monday, the reaction was churlish, and yet understandable. We are now in or facing what economists call “a sudden stop”, in which economic activity drops into a deep funk. It’s likely to be far worse than expected. Read on….