The shock to the global economy from Covid-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression. In those two previous episodes, stock markets collapsed by 50 per cent or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10 per cent, and GDP contracted at an annualised rate of 10 per cent or more. But all of this took around three years to play out.
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