24 March 2020: ACCA’s chief economist, Michael Taylor, presents the latest of ACCA’s economic insights into the economic consequences of the Covid-19 epidemic

The global economy is heading into a recession, initially at least a pretty severe one.

The measures introduced by governments in an attempt to slow the spread of the virus are having a dramatic effect on huge swathes of economic activity. There is the direct loss of output and employment caused by the closure of shops, bars, restaurants, the reduction in travel and, in some areas, complete lockdown.

In businesses that continue to operate with employees working from home, productivity and output will suffer. Such economic pain is being felt simultaneously across the majority of the global economy. Two of the most significant regions of the global economy, Europe and the US, are among the most affected.  

Read the full article here.