SINGAPORE (Mar 12): From its earliest days as a virus outbreak in China, Covid-19 has morphed into a worldwide health crisis likely to tip the global economy into a severe slump in the first half of this year.

Shocks to the US and Eurozone – which could hasten recessions in some major economies – will delay recovery in Asia Pacific.

China’s central bank has preferred timely liquidity management over a major rate cut, while targeted measures such as tax breaks have supported sectors under the most strain. Policy may ramp up further as global demand falls.

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