The world is already in a recession, according to Bloomberg Economics’ new global GDP tracker.
A report by Bloomberg says that the global economy started to contract in March and is losing steam faster than in the beginning of the financial crisis 12 years ago.
The tracker reading indicates that the global economy shrank at an annualised rate of 0.5% in March, down from 0.1% in February and 4.2% at the start of the year, the report adds.
As many countries has implemented lockdowns in March and are likely to continue the measure in April, the March reading is unlikely to be the worst of the downturn, the report says.
