RIO DE JANEIRO, BRAZIL - For weeks, with China already paralyzed and supply chains striking the first blow, the word recession remained outside the common lexicon: the debate still revolved around how much the coronavirus would subtract from growth.
But the pandemic reached the West and doubts quickly became volatile: a confined economy leaves little room for escape. There will be recession in Spain. There will be recession in Europe. There will be recession in the United States. And there will be recession in Latin America.
The initial ruin will be tremendous, almost certainly greater than the 2008 and 2009 recession . . .