Global governments have been taking absolute measures to contain the spread of the virus which has made the markets bleed like never before.
London| Goldman Sachs, an American multinational investment bank and financial services company, said global GDP can drop by 1% in 2020 amid the slowdown due to the Covid-19 outbreak in several countries.
The company said that it expects the real gross domestic product to fall by 1% in 2020, an unprecedented decline larger than that after the 2008 global recession.
Governments around the world have been taking absolute measures to contain the spread of the virus which has made the markets bleed like never before.
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In a not published to its clients on Sunday, the banking giant said, “The coronacrisis or more precisely, the response to that crisis — represents a physical (as opposed to financial) constraint on economic activity that is unprecedented in postwar history.”
Goldman Sachs sees real GDPs of advanced economies falling very drastically in the second quarter. America is likely to see a whopping fall of 24% , two-and-a-half times as low as the previous postwar lowest.
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