To give perspective to the Great Panic of 2020, economic contraction is 2020 is six times faster and four times deeper than the contraction in GDP through 2008/09. This is happening globally and is still falling. Many comparisons are already being made to the Great Depression of the 1930s. ⁃ TN Editor
The British economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020, according to Reuters. The (sequential) Q2 GDP slump exceeded the 12.1% drop in the euro zone and the 9.5% fall in the United States.
Read more: Collapse: UK GDP Plunges To 2003 Levels