Since the start of the US lockdown, more than 30 million Americans have made new claims for unemployment benefit, swamping in just weeks the 22 million new jobs the economy created in the 11 years from 2009. Eurozone GDP in the first quarter of this year contracted at the fastest pace on record sending France and Italy tumbling into recession.
The IMF now thinks the world economy will have its worst year since the 1930s while the WTO reckons that global trade could contract by up to a third. And in an unprecedented sign of the collapse in global demand, US oil price futures turned negative in April.
Join the AICD’s Chief Economist, Mark Thirlwell, for a look at how the coronavirus crisis is reshaping the international economic landscape around us.