The COVID-19 outbreak has worsened since the previous update and now totals over 435,000 cases worldwide. According to data compiled by John Hopkins University, countries with the largest outbreaks are as follows: China (81,661 cases), Italy (69,176), Spain (47,610), Germany (34,009), Iran (27,017), France (22,637), Switzerland (10,171), and South Korea (9,137). The situation in the United States has deteriorated along the lines that many were predicting, and it now accounts for 55,225 cases, prompting WHO to warn earlier this week that the country risks becoming the new ‘epicenter’ of the COVID-19 pandemic if it fails to stem the explosive growth of new infections there.
Shutdowns are deepening and multiplying on every continent, with the Indian government announcing what it calls a ‘total lockdown’ on Tuesday. Many now believe a global recession is imminent, and some have even gone so far as to invoke the possibility of a depression. Here are some of the significant economic developments from the past week: