Pandession 

#GS3 #Economy 

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.

 

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