The global economic outlook is dominated right now by the global spread of the COVID-19 novel coronavirus and the economic toll of country lockdowns instituted around the world to stem the spread of the virus. As economic forecasters struggle to quantify the impact of strict containment measures, we have seen drastic cuts to economic forecasts in recent weeks.

In the U.S., it was just the beginning of March when coronavirus fears began to take hold. Stay-at-home directives were issued in numerous states and the S&P 500 made its fastest ever drop into a bear market.