Anthony Dass: The major downside risk is that the impact of the coronavirus may prove to be longer lasting and more intensive than assumed. The adverse effects on global growth and trade will be much worse and more widespread.(Dass is chief economist/head of research of AmBank Group and adjunct professor at the faculty of economics, UNE, Australia.)
The coronavirus (Covid-19) outbreak, which has been declared a pandemic, has resulted in considerable economic disruption and human suffering.
The virus impact has raised global recession risk in 2020 for the first time since the Global Financial Crisis of 2008. Unlike similar episodes in the past like the SARS outbreak in 2003, today the world economy is far more interconnected.
China plays a far greater role in global output, trade, tourism and commodity markets compared to 2003.
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