Coronavirus markets 'shock' may cost £$1trn and spark global recession, UN economists warn
"Back in September we were anxiously scanning the horizon for possible shocks given the financial fragilities left unaddressed since the 2008 crisis and the persistent weakness in demand," he said."No one saw this coming - but the bigger story is a decade of debt, delusion and policy drift."
"Widespread insolvency and possibly another 'Minsky moment' - a sudden, big collapse of asset values which would mark the end of the growth phase of this cycle cannot be ruled out," he said.Coronavirus has led to a drop in demand for travel in particular, which has affected the oil price That would still be stronger than in 2008, but would nonetheless be among the worst years for the global economy in modern history.
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