The coronavirus pandemic has delivered the largest peacetime shock to the global economy on record. It has required the imposition of severe restrictions on economic and social life; driven unprecedented falls in national income; fuelled rises in public deficits and debt surpassed only in wartime; and created considerable uncertainty about the future.
…GDP is set to fall by 11 per cent this year – the largest drop in annual output since the Great Frost of 1709.
Great Frost of 1709
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