Decline in growth: is it just the beginning?

Edito The downturn in global economic activity has started to be felt in the latest macroeconomic releases (in particular, in China with the first decline in GDP since at least 1992), despite many unprecedented support measures in most of the affected countries. However, fiscal and monetary authorities no longer seem to have a lot of cards left to play, apart from extending the lockdown period, which would weigh even more on economic activity. Meanwhile, before nearly three billion confined people can finally get out of their homes in early or mid-May, global growth forecasts are being revised downwards (the IMF is now at -3%) and everyone has clearly left behind the widely expected at the beginning of the Coronavirus epidemy “V-shaped” recovery. While having gained some optimism, financial markets remain volatile, advancing by brief rebounds and awaiting the final turnaround in economic activity .