The COVID-19 pandemic and ensuing lockdowns across the world have led to a recession, if not depression, unseen since the 1930s. It has resulted in unprecedented job loss and economic declines in both developed and emerging economies. Central bankers have spent the last several months flooding global markets with liquidity, lowering rates to the zero lower bound, and unleashing massive bond-buying programs, a bid to arrest declines in asset prices. No matter what the Neel Kashkaris of the central banking world do — their attempts to flood markets with liquidity will likely fail to engineer a V-shaped recovery in world trade (though they have certainly engineered a V-shaped recovery in stocks).
Research firm Inchcape Shipping Services is reporting just that, as the path to recovery for world trade will not resemble a classic “V” and be much slower than previously thought. mehr hier