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:

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...

Subscribe from just €1 for the first month!


What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Analysis: Hope rises as 2 million vaccines administered

Coronavirus Rachel Lavin 17 hours ago

Supermarkets rule out antigen test sale after Lidl controversy

Nphet must recognise 'reality' of antigen test use, says Iemag member

'Public health consultants breathed a huge sigh of relief when mandatory hotel quarantine came in'