Estimating US gross domestic product (GDP), is now a guessing game. The IMF’s forecast is for a -5.9% drop in US GDP in calendar year 2020, but the range around that forecast is variable depending on how long the virus impairs economic activity and whether a second wave occurs.
There are, to put no finer point on it, shades of 2008 now with regard to the current turmoil markets find themselves in. Emergency interest rate cuts in the United States, Government bond yields collapsing to further historic lows and gold price streaking upwards have moved in the opposite way to stock markets, which have dropped in the region of 20%.
Who hasn’t been moved by some of the eloquent prose and idealism perpetuated by uber environmentalist, Greta Thunberg, over the past 18 months? Her campaigning recently reached its zenith, as she joined President Trump in top billing at the annual ceremony of billionaire backslapping that is Davos.