The first half of 2020 saw the emergence of COVID-19. It created a macroeconomic downturn that was a shock of significant magnitude and breadth: global GDP declined by more than double the amount recorded during the Global Financial Crisis (“GFC”); consumer saving rates surged as households hunkered down; while employment, retail sales, manufacturing activity and stock prices all plunged in spectacular fashion.
From peak to trough, global equity markets lost a combined ~$27 trillion USD in market capitalization in the first quarter, nearly the combined GDP of the European Union and China. It took just 16 days for the U.S. to enter a bear market, quicker than 1929 and second only to the Black Monday crash of 1987. Global REIT share prices were not exempt from the selloff, declining 42%.
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