Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters.
FILE PHOTO: Restaurant seats stand empty in Covent Garden in London, Britain March 13, 2020. REUTERS/Simon Dawson/File Photo
Reuters polls of more than 250 economists taken over the past few weeks showed recessions in most major economies would be deeper this year than previously predicted. Almost three-quarters of economists, 69 of 94, who answered an additional question said the recovery would be either U-shaped, with a prolonged trough, or like a tick mark where the speed of the recovery is not as quick as the drop-off.
Forecasts for the U.S., the euro zone, Britain and Japan were lowered for this year from previous polls and expectations for 2021 growth were modest given the historic downturn as governments shut down their economies to varying degrees.
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