Economists around the world are searching for the right terminology to describe the biggest economic crisis since the Great Depression.
- The IMF calls it the Great Lockdown. At its spring meetings in April -- held virtually this year -- the International Monetary Fund used that phrase to summarize how the world economy had been upended.
- Morgan Stanley says it’s the Great Covid-19 Recession, or GCR for short to reflects its expectations for the deepest peacetime contraction in global growth since the Great Depression.
- Ed Yardeni, who coined the term “bond vigilantes" back in the 1980s, has named this the Great Virus Crisis.
- There’s even a suggestion to call it a Pandession, as suggested by economist David McWilliams, who previously worked for the Central Bank of Ireland and lenders including BNP Paribas. A Pandession is a new word because it is a new thing.
Economists with Bloomberg Economics have used phrases such as the Global Hard Stop or the Virus Recession.