Blog | Is some moral hazard required to save the world economy?

The sheer scale of the Great Lockdown impact is forecast to dwarf the GFC

The sheer scale of the economic contraction caused by the coronavirus shock and Great Lockdown is emerging (although much still depends on the length of the Lockdowns, unemployment levels, business survival rates and how far consumer behavior adjusts). For example, the IMF now projects the Great Lockdown contraction as the greatest since the 1930s depression, dwarfing the GFC recession, with an estimate of -3% global growth in 2020 vs only -0.1% in 2009 (IMF, April 2020).

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