No two shocks are ever the same…

Those who thought that uncertainty had peaked at the end of last year will have had cause to think again over the past seven days or so. The fact the word Brexit barely surfaced in discussions around Budget 2020 and other economic events over the past couple of weeks speaks volumes. We have moved to an entirely new crisis that has very much overshadowed the UK’s departure from the EU.

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Chief Economist’s Weekly Brief – Catching

Parallels are being drawn between the coronavirus and the SARS outbreak in 2003. But the contours of the world economy have shifted over the past 17 years. China is 17% of global GDP. It was a mere 4% back then. So shuttered business, foregone spending and leisure trips, not to mention the supply-chain disruptions matter much more for the global economy. 

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