Economic panic: Expert warns of 'virus-driven ICE AGE' as markets plummet

Economic panic: Expert warns of 'virus-driven ICE AGE' as markets plummet

Daily Express - World·2020-04-06 11:04

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Economists at ING Bank warned: “A recession is not the correct word of what we are currently witnessing. It is an abrupt stop of economic activity, from 100 to zero in just a few days or weeks. A virus-driven ice age.” The global tally of COVID-19 cases stands at 1,100,283 with more than 58,000 fatalities, according to Johns Hopkins University virus tracker. Global stock markets fell yesterday morning with the impact of the virus, and for some the oil market cash, putting at least half a dozen countries at risk of having debt downgraded to a “junk” rating facing investors to scatter since asset managers are unable to hold debt in this category.

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