As local businesses closed around the world, laid-off workers applied for unemployment benefits and central banks bought up government bonds to inject money into local economies, the COVID-19 health crisis has also turned into a deep economic crisis.
“This is devastating for the economy across the entire world,” says Rebecca Christie, a visiting fellow at the Brussels-based Bruegel economic think-tank who worked as a journalist for 22 years prior. “No-one is buying anything. People are laying off their workers. Businesses across the world are having to dramatically rethink their supply chains.”
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