It is looking almost certain that a recession has been triggered by the coronavirus pandemic according to a number of the world’s most respected banks. Both Goldman Sachs and Morgan Stanley say growth forecasts need to be trimmed as the fallout from the pandemic will make life difficult for many.

Chetan Ahya, chief economist for Morgan Stanley has warned that this recession will be worse than its predecessor, noting “While the policy response will provide downside protection, the underlying damage from both Covid-19’s impact and tighter financial conditions will deliver a material shock to the global economy.”

Jan Hatzius, Goldman Sach’s chief economists says that this could be felt sooner rather than later, explaining “These shutdowns and rising public anxiety about the virus are likely to lead to a sharp deterioration in economic activity in the rest of March and throughout April.” It is expected that the United States will see its economy contract by around 8% in the next quarter.”

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