For the third time in three days, the Wall Street brokerage Bank of America Securities has lowered global growth projections on Friday to zero, saying the world has already plunged into recession because of the coronavirus pandemic.
On Wednesday, it had projected global growth at 2.2 per cent, which was lowered to only 40 basis points (bps) on Thursday, shaving down 180 bps and on Friday, it said the global economy is in recession.
Similarly, in two days to Thursday, the brokerage had lowered India forecast twice -- from 5.1 per cent forecast on Wednesday to 4.7 per cent on Thursday. It had also massively lowered the June quarter growth to 3.1 per cent.
In a late-evening note, BofA Securities said, "We expect global GDP growth to drop effectively to zero this year, matching the major recessions of 1982 and 2009."
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