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Recession or depression? Length of global economic standstill likely to decide

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Although the actual economic fallout of the COVID-19 pandemic is clouded by uncertainty, experts agree the longer the global economy remains at a near-standstill, the more difficult will be the return to normalcy.

Last week, the International Monetary Fund issued a grim forecast, predicting the world economy would suffer its worst year since the Great Depression, while Canada’s economy was expected to shrink by 6.2 per cent. “I think the question is going to be how much of this crisis that we are experiencing is a permanent change or a temporary change,” says University of Winnipeg Economic associate professor Stefan Dodds. “So if we think that within a month or two we have the pandemic under control and aren’t so worried about disease

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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