SINGAPORE (June 5): The International Monetary Fund (IMF) is calling the “Great Lockdown Recession”, which was triggered by the Covid-19 pandemic, “the worst downturn in nearly a century”.

For veteran economist Song Seng Wun of CIMB Private Bank, this recession is the fourth he has seen in his professional career, and judging from current indications, it is shaping up to be the “most extended”.

The much-anticipated V-shaped recovery within this year, in Song’s opinion, is unlikely to happen. Apart from sharp rebounds in the purchasing managers’ index (PMI) across developed countries, economies are likely to see extended periods of dismal economic data. For example, China saw “terrible” readings in early February before improving in May.

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