Preparing for the unexpected in uncertain times
The world has been put in a Great Lockdown as countries have implemented the necessary quarantines and social distancing practices to contain the pandemic. The magnitude and speed of collapse in activity that followed is unlike anything experienced in our lifetimes.
The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it caused a severe tightening of the global economy. The World Bank forecasts that the global economy will shrink by 5.2% this year, representing the deepest recession since the Second World War, with economic activity among advanced economies shrinking by 7% in 2020 as domestic demand and supply, trade, and finance have been severely disrupted.