The corona effect: Why governments and central banks face a challenge like never before [Toronto Globe and Mail (Ontario, Canada)]
ROYAL BANK of SCOTLAND (RBS)
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Source: Toronto Globe and Mail
The corona effect: Why governments and central banks face a challenge like never before That tearing sound you hear is economic forecasts being ripped up and thrown in the trash. Over the past few days, the continuing spread of the dangerous new coronavirus has driven the Bank of Canada and the U.S. Federal Reserve to slash interest rates, prompted airlines to project staggering losses, kneecapped oil prices, and sent stock and bond markets into pandemonium. Epidemiologists and public-health officers are racing to find answers to one of the biggest global health challenges since the SARS epidemic of 2003. While they do so, businesses are delaying investments, postponing expansion and putting off travel. Global economic growth could fall to 1 per cent this year, down from 2.6 per cent last year, the Institute for International Finance warned this week. If so, it would be the slowest growth since 2009. Some sectors are already badly wounded. Just two weeks ago, the International Air Tra
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