Insights

The crisis in confidence stemming from COVID-19 has become increasingly self-fulfilling, which has brought into question our outlook for global growth as government efforts to contain the virus restricts economic activity and as individuals self-isolate in response to the fast-spreading pandemic.

The thought of an invisible enemy that spreads easily and carries a non-trivial mortality rate sends shivers down most people’s spine. COVID-19 has been such an enemy and is slowing down the global economy with people moving into hiding.

COVID-19 is now present in over 100 countries and has officially been declared a pandemic by the World Health Organization. At this juncture there is still no vaccine and the expectation is that one is unlikely to be developed in the immediate future.