London (CNN Business) As restaurants, shops, airlines and factories shut down around the world, from New York to Paris and Madrid, economists are warning that a global recession is no longer a looming threat. "We're seeing the impact of those lockdowns in China," said Ben May, director of global macro research at Oxford Economics. On Monday,the New York Fedsaid it would inject up to $500 billion into financial markets, on top of previously scheduled operations. And as stock markets keep plunging, credit markets stay rocky and liquidity dries up, the consensus is building: We're now entering a global recession; it's just a question of how bad it will be. "The odds of a global recession are close to 100% right now," Kevin Hassett, the former top economist in the Trump administration, told CNN's Poppy Harlow on Monday.

Source: CNN March 16, 2020 19:18 UTC