economic commentary

March 31, 2020 - COVID19 Wreaks Havoc

The COVID19 virus quickly became a global pandemic and had a devastating impact on financial markets during the first quarter. As the number of infections escalated, governments around the world began implementing economic shut-down measures to varying degrees. Although Q1 economic growth will no doubt slow, the brunt of the impact will not be felt until Q2, when GDP is expected to show the largest decline on record. The key point going forward will be when the reported number of cases plateaus. Until that point is reached, the overall impact on the global economy cannot be determined with any degree of accuracy.

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