The world is preparing for an economic slowdown of unprecedented proportions. The COVID-19 pandemic is evolving with each passing day. With more than 2 million confirmed cases, and fatalities approaching the 160,000 mark, COVID-19 has emerged as a global health catastrophe initially affecting China, and now engulfing at least 213 countries in six continents. The number of affected cases is mounting exponentially, especially in Europe and North America, with the death toll expected to remain high in the coming days and weeks.
Concerns of entering a global economic meltdown are escalating, with many economists citing the start of a global recession. To ensure against the collapse of national health systems, governments across the world have been enforcing lockdowns and pushing citizens to stay at home. This has created a decrease in consumption and demand, with expectations of sharper reductions in the days ahead as employees are laid off and buying power declines. Analysts and think tanks across the globe have been busy estimating the potential economic losses to global output.