Analysts predict coronavirus-induced recession

Analysts are predicting the coronavirus pandemic will lead to a recession.

"It is not a question of if, but a matter of how bad and how long the coronavirus-induced recession will be," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The global demand shock will certainly be harder than the post-2008 period, as this time, planes are grounded, shops, restaurants, cinemas, theaters and all public places are closed for weeks."

On Wednesday, U.S. stock futures fell by the maximum allowed and oil slumped to a 17-year low. Treasury Secretary Steven Mnuchin warned the U.S. unemployment rate could hit 20% if the Federal Reserve and Congress don't take sufficient action, such as passing a stimulus package.

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