World economy powering down daily makes recession more likely

INTERNATIONAL – A pandemic-driven global recession is becoming more likely by the day as the flow of goods, services and people face ever-increasing restrictions.

In just the past day or so, President Donald Trump curbed travel to the U.S. from Europe, Italy’s government ordered almost every shop to close and India suspended most visas. Twitter Inc. joined the flood of companies telling employees to work at home and the National Basketball Association suspended its season.
While such announcements are aimed at containing the coronavirus, each quarantined city, canceled flight, scrapped sporting event and scuppered conference will hammer demand across the globe this quarter and likely longer. An initial consumer rush to stock up on supplies may be followed by months of cautious restraint.

Source: iol.co.za