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The ‘recession territory’ has worsened into a deeper worldwide recession with a less favourable recovery outlook, Sandra Phlippen, a Chief Economist at ABN Amro, reports.

Key quotes

“The economic impact of the coronavirus crisis is unprecedented and the effects will not have disappeared after the second quarter.”

“We foresee an initial revival in the third quarter, followed by a pullback in the fourth quarter due to second-order effects.”

“All in all, a strong recovery of the global economy is not on the cards until 2021.”