World economy faces steepest contraction; recovery U-shaped: Economists

In a Reuters poll, more than 55% or 87 of 155 economists said the global economic recovery would be U-shaped

Pummeled into recession by the coronavirus pandemic, the global economy will suffer its steepest contraction on record this year, with a longer, U-shaped recovery more likely, according to Reuters polls of economists from around the world.

Many countries are under lockdowns to curb the spread of an outbreak in which more than 2.6 million people worldwide have been infected and over 180,000 have died, bringing global economic activity to a halt, particularly in the services industry.

Reuters polls of more than 500 economists who were surveyed over the past few weeks showed most major economies were in the midst of a severe