The coronavirus outbreak has plunged the world's economy into a global recession, according to S&P Global. The credit-rating agency says the virus has severely disrupted economic activity and the damage is about to get worse in the US and Europe.
The credit-rating agency, which determines the credit worthiness of governments and companies around the world, said Tuesday that the virus has severely disrupted economic activity -- far more drastically than previous estimates. It said the damage to economic activity is about to get worse in United States and Europe.
"We now have China as a model for how the virus' spread could stabilize and society could begin to return to normal," S&P said in the note. But even that is raising concerns about the damage to its economy. Read More"As China has shown, restrictions could be lifted more slowly than originally thought as public health concerns persist," he wrote.
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