Deaths breached the 100,000 mark on Friday, another grim milestone for the world engulfed in a pandemic.
More than a billion people across the world remain in quarantine as the global economy crashes into a depression in the second quarter. The OECD and WTO on Wednesday published two separate reports that both outline global economic activity has collapsed.
The OECD Leading Indicators show the global economy experienced a sharp decline in the last month.
The WTO shows world trade has plunged well below 2008 levels. One word: unprecedented.
As a result of quarantines, unemployment claims have rocketed higher in nearly every major developed and emerging market economy. Tens of millions of people have been laid off as streets, highways, shopping districts, and manufacturing hubs have become lifeless.
While words can only describe so much of a world in lockdown, Bloomberg has published a handful of pictures illustrating what the world looks like after a month of pandemic:
New York City
It becomes evident that the world has ground to a halt in one of the fastest economic crashes ever. It remains to be seen if the recovery phase is V-shaped, U-shaped, or L-shaped.
More or less, we’re leaning towards an L-shaped recovery…