COVID-19: World faces spectre of next great depression

Dubai: Does the threat of more lockdowns to contain an untamable virus spread raise the chances of another Great Depression? – analysts say it does.The coronavirus pandemic and lockdowns imposed by governments worldwide have already pushed the global economy into the sharpest downturn since the Great Depression. And it doesn’t seem to end.“It’s clear that the economy is contracting more quickly than ever before during peacetime,” said Jack Allen-Reynolds, an economist at Capital Economics.Economies crumbleWith the world’s biggest economy – United States – having shed 6.5 million jobs last week…

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