How Covid-19 is hitting the reset button on the global economy and property
Covid-19 recession of 2020 already has the distinction of being the worst contraction in history
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RECESSIONS create stress on everything - on businesses, households and entire industries. As demand for goods and services declines, how these businesses, households and industries react can have a direct impact on property around the world.
If there was ever a recession that could cause stress, it is the Covid-19 recession of 2020. Not only is it unlike any downturn we have seen before, but it already has the distinction of being the worst contraction in history.
The US collapsed at a 31.7 per cent annual rate in the second quarter of 2020 and the economy lost more than 20 million jobs in one month as schools, stores, restaurants, hotels, theatres and other places people congregate were closed.
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