Covid-19 ‘has caused faster downturn than 2008 crash’

Figures suggest policymakers’ efforts have ‘failed to brighten the darkening picture’, says senior economist

Aaron Rogan

News Correspondent @aarrogan
24th March, 2020
Covid-19 ‘has caused faster downturn than 2008 crash’
The Unite union has called for building sites to be closed and workers paid as in other sectors. Picture: Rollingnews.ie

As the economic impact of the Covid-19 pandemic takes further hold, a new report has shown that business activity is at a record low.

A purchasing managers’ index by IHS Markit, the economic and industry analyst firm, showed that the coronavirus has caused a faster downturn in business than the financial crisis of 2008.

The index is compiled from a panel of about 5,000 companies in the eurozone manufacturing and service sectors, including some in...

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