To put this in context, this will be worse than the contraction that we saw in 2008, it will be worse than the one that people estimate happened during the( 1918) Spanish flu, it won't be as bad as the( 1930s) Global Depression, which is a significantly worse contraction, but it will certainly be the second-worst economic shock that we've seen globally.

Director Amer Bisat

To that you add 65 cases of interest rate cuts, you have 20-odd countries that have already announced some form of quantitative easing. How do you translate all this into stimulus ? it's complicated, but the reality is this is unprecedented.

Director Amer Bisat

It will look like a V. The question to me is : will the size of the V be so powerful that it will offset the lost output from the downside ? I think the answer is no.

Director Amer Bisat