DUBAI — BlackRock's Managing Director Amer Bisat said on Wednesday that the world economy could contract by 11% in the first half of 2020 and lose $6 trillion in economic output due to the coronavirus pandemic. "It won't be as bad as the (1930s) Global Depression, which is a significantly worse contraction, but it will certainly be the second-worst economic shock that we've seen globally." BlackRock is the world's largest asset manager. Conservatively, 5 million jobs could be lost in January-June, Bisat told a virtual panel discussion moderated by the Carnegie Middle East Center. The picture looks even worse when under-employment, reduced hours and reduced wages are taken into account, he added.

Source: International New York Times April 01, 2020 16:47 UTC