“It’s a very deep and dark hole and we’re coming out of it, but it’ going to take a long time to get out.”
“The euro area economy is experiencing an unprecedented contraction," the ECB said as it provided additional stimulus through emergency bond buying.
“If the economy fell this hard in the first quarter, don’t ask how far it will crater in the second quarter because it is going to be a complete disaster."
The Fund now expects the global economy to contract by 3% this year due to the coronavirus pandemic.
"There is a very real risk of contraction, which would take the country into a technical recession," an economist warns.
