The COVID-19 recession could be far worse than 2008 - here’s why

Apr 9, 2020

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The key questions now are how bad the recession will be and how long it will last. Image: Unsplash/rupixen.com

Kenneth Rogoff

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The initial drops in the stock exchanges of major countries (up to one-fourth of their valuation) are hitherto analogous between both crises. Chart 2 shows the S&P index over fifty days after the historical peak of February 19, 2020 and the day after the bankruptcy of Lehman Brothers, respectively.

A comparison of the initial stock exchange drops after February 19th, 2020 and the bankruptcy of Lehman Brothers in 2008. Image: Atlantic Council

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This is what the economic fallout from coronavirus could look like

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