Can history shed light on Wall Street's coronavirus panic?
Black Monday returned after 32 years when the Dow Jones industrial average ended the opening day down more than 2,000 points and Wall Street triggered an automated circuit breaker that put trading to a halt. The massive rout triggered by the coronavirus panic swept from London to Tokyo.
In addition to the dramatic financial volatility, the spread of the coronavirus led the Organisation for Economic Co-operation and Development to cut the 2020 global growth to as low as 1.5 percent. According to the International Monetary Fund (IMF), a recession will occur if global growth falls below 2.5 percent a year.
With confirmed coronavirus cases soaring past 110,000 globally, it's difficult to predict the exact losses to the already slowing economy. But a closer look at how epidemics throughout history affected the economy may shed light on the current situation.
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