Because of the unprecedented nature and scale of what the world is facing, economists have struggled to model how badly things are getting.

"There is no blueprint for the current shock, and uncertainty about the extent of contagion and the economic consequences is overwhelming," Credit Suisse economist James Sweeney said.


"We now guesstimate that second quarter GDP will drop at a 10% annualized rate, after a 2% fall in Q1," Shepherdson said. "We are pencilling in a 20% plunge in discretionary consumers' spending in the second quarter, enough alone to subtract some eight percentage points from GDP growth."''

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