Lockdowns for more than half of the global population are expected to push the global economy into its worst recession since WWII, says credit insurer Euler Hermes. Global GDP is predicted to contract by 3.3% this year, equivalent to USD 9 tr lost, while trade losses could total USD 3.5 tr and insolvencies could rise by 20%, it warns. “Substantial excitement about a seemingly imminent exit from the coronavirus lockdowns is overrated,” Euler Hermes, a subsidiary of Allianz, says in a new report titled... (28.05.2020)