IHS Markit: Global Economy Headed for Recession

The United States, Europe, and Japan are headed for recession. The IHS Markit forecast for world real GDP growth in 2020 has been revised down to 0.7% in response to the spread of the virus. Growth below 2% is classified as a global recession. The number of active world cases is assumed to top out by the third quarter. Nevertheless, the result will be a U-shaped rather than V-shaped cycle, as a sharp reduction in near-term growth is followed by a slow recovery. Forecast risks are overwhelmi...