Regardless of when the lock down orders are rescinded, the damage has been done.
No V-shaped recovery coming. Sure, there will be a surge. Any positive activity will seem like a boom when starting from zero. Yet, the global economy was teetering on the brink of a depression BEFORE the virus hit. All one has to do is look at the number 1 car market in the world, China, for confirmation. Trouble began back in 2017 when China's car sales were up just 1.4% for the year. Lowest increase in decades.
In 2018, China's car sales declined for the first time in history, down 4.7%. In 2019, sales declined 9.6%. Numbers which indicate that China was likely already in recession. China also set a new record in loan defaults in 2019, breaking the record set in...2018. We also saw a record number of Chinese banks go Tango Ultra in 2019.
Now the global economy has been knee-capped. Will take years to recover.
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