We do not know how long investors will be patient, how long markets will rise on the policy response, how low the economic numbers will fall and for how long.

In February, the European Commission estimated a 1.4% rise in GDP for the EU this year.

Consumers reined in spending faster than expected in the first quarter, probably even before states issued stay-at-home orders.

Michael Binetti, Credit Suisse Analyst, joins "Closing Bell" to discuss markets.

Threadneedle Street says the economy hasn’t been as bad as this for 300 years – so it can only can get better

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It’s hard to be all that cheerful when you are bracing yourself for the biggest annual contraction in the economy since before the South Sea Bubble crisis of 1720, but somehow or other the Bank of England has managed to find some nuggets of hope amid all the gloom.

To be sure, the short-term news from Threadneedle Street was as grim as everybody had expected. Having fallen by 3% in the first three months of 2020, activity is projected to drop by a further 25% in the second quarter and by 14% over the calendar year.

Related: Don't expect a snapback for the UK economy after lockdown is lifted | Larry Elliott

One of the two main definitions of recession in the UK is at least two quarters of negative economic growth. Judged by this yardstick, the UK was last in recession in 2008-09, when there were six consecutive quarters of negative growth. 

With biggest plunge in output in 300 years being predicted, we explore why the last great recession happened

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Queen Anne was on the throne. Work had just started on Blenheim Palace in honour of John Churchill’s victories over Louis XIV’s French armies in the war of Spanish succession. The union between England and Scotland was imminent.

1706 is how far economic historians have to look back to find a slump bigger than the one that now threatens the country as a result of the Covid-19 pandemic.

Related: UK unemployment to double and economy to shrink by 14%, warns Bank of England

What is economic survey?

Brazil could face "economic collapse" in a month's time due to stay-at-home measures to stem the coronavirus outbreak, with food shortages and "social disorder," Economy Minister Paulo Guedes warned Thursday.

Economic activity in France picked up slightly over the last two weeks as the country prepares to emerge from a coronavirus lockdown, but it remains a third below normal levels, the INSEE official statistics agency said on Thursday.

Protests against growing economic hardship erupted in Tripoli and spread to other Lebanese cities on Tuesday, with banks set ablaze and violence boiling over into a second night.

The Lebanese government on Thursday approved a long-awaited plan to rescue the economy from its worst crisis in decades following a fresh wave of angry street protests this week. Nationwide protests broke out in October accusing the country's political class of corruption and mismanagement.

After 76 days under lockdown, China's Wuhan city is gradually returning to a new normal. But while Covid-19 infection rates have fallen, social distancing measures are still in place and the economic repercussions for the industrial hub are also becoming clear.

Brazil could face "economic collapse" in a month's time due to stay-at-home measures to stem the coronavirus outbreak, with food shortages and "social disorder," Economy Minister Paulo Guedes warned Thursday. Brazil, Latin America's biggest economy, is also the epicenter of the coronavirus pandemic in the region. But far-right President Jair Bolsonaro - who appeared alongside Guedes, his free-market economics guru - opposes stay-at-home measures to slow the virus, saying they are unnecessarily damaging the economy. "Within about 30 days, there may start to be shortages on (store) shelves and production may become disorganized, leading to a system of economic collapse, of social disorder," Guedes said. "This is a serious alert." Bolsonaro, who has compared the new coronavirus to a "little flu," said he understood "the virus problem" and believed that "we must save lives." "But there is a problem that's worrying us more and more... and that's the issue of jobs, of the stalled economy," Bolsonaro added. "Fighting the virus shouldn't do more damage than the virus itself."

Stretching from the imposing skyrises of Colaba and Malabar Hill to the fishermen's colonies in Worli, the prestigious VVIP Mumbai South Lok Sabha constituency is the richest in the country making it a high-stakes affair for the two main contestants - Shiv Sena sitting MP Arvind G. Sawant and rival Milind M. Deora of the Congress.

Despite being wealthy, the constituency is barely 'generous' in exercising its franchise - it was way back in 1967, when George Fernandes won on a single point agenda of providing sufficient water supply to all, that 67.42 per cent electorate voted.

Again in 1991, the voting percentage plummeted to an abysmal 38.65, giving credence to the belief that people in high-rises remain indifferent to the political process. But in 2014 the percentage went up to a modest 52.48.

The population of Mumbai South is approximately 20 lakh and the voter strength is 14,85,846 including 15 per cent of some of the country's richest, a large 70 per cent dollop of middle-class and a sprinkling of 15 per cent eking out an existence in slums in what is one of the few fully urbanized constituencies of India.

Unconcerned by the turnout figures, Shiv Sena's Sawant exudes is optimistic of winning again.

"I am the voice of the masses and the classes. I have been present whenever and wherever I was needed in the past five years," Sawant told IANS.

On his rival Deora, he shot back: "Where was he for the past four years and nine months? This is what commoners and business community ask me. It is my work for all sections and my contacts with the masses that will decide the election."

Though incommunicado despite repeated attempts by IANS, the former Union Minister Deora has remained unflustered by the opposition barbs.

After all, in a political-corporate coup of sorts, last fortnight, he secured the open support of key players from India Inc, sending panic waves in the ruling Bharatiya Janata Party-Sena combine.

Ranked as one of the most cosmopolitan constituencies, Mumbai South is beset with many problems that have remained unresolved over the years.

"There are hundreds of old buildings, ancient sewage lines, house gullies, traffic congestion and slum pockets in Darukhana, BPT, Colaba and Worli which are of great concern," Waris Pathan, All India Majlis-e-Ittehadul Muslimeen's sole Mumbai MLA, told IANS.

Though there is the ambitious Coastal Road project coming up, Patyan says "a lot will depend on its implementation, or it will be disastrous for the entire city".

Besides, there is the gnawing problem of security in the region which has witnessed two of the worst terror strikes in the country - the 1993 serial bomb blasts and the 2008 terror strikes.

Not surprising, since this constituency is home to the country's most affluent business districts which contribute hugely to the national exchequer, some of the poshest residential complexes, Indian and foreign banks, and national and international firms are headquartered here.

There are also offices of global corporates, airlines, embassies, luxury hotels, swanky restaurants and pubs, global tourist attractions, open shopping plazas, malls and multiplexes, reputed schools, colleges, an array of heritage buildings, the official residences of Maharashtra Governor, Chief Minister, the Chief Justice of Bombay High Court and other judges, the Legislature and the Mantralaya.

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Union minister Nitin Gadkari on Sunday said India should look at converting the world's "hatred" for China amid the coronavirus pandemic into an economic opportunity for itself by attracting large-scale foreign investments.

Interacting with overseas Indian students via video conferencing, the minister for MSME and Road Transport and Highways said across the world now, there is "hatred for China. Is it possible for us to convert it into an opportunity for India?" Referring to the economic package announced by Japan for its businesses exiting China, Gadkari said, "I feel that we should think on that and we will concentrate on it. We will open the Indian scenario for that. We will give the clearances and everything to them and attract foreign investment."

Asked if India can take any action against China incase it is found to have deliberately "suppressed" information on coronavirus, the minister said this was a sensitive subject related with the Ministry of External Affairs and the prime minister, and therefore it will not be appropriate for him to comment on it. Gadkari said all government departments, particularly the finance ministry as well as the Reserve Bank of India (RBI), are formulating policies to win the "economic war" post the COVID-19 pandemic and fulfil the prime minister's dream of making India a USD 5 trillion economy. "At the same time, we can make infrastructure of Rs 100 lakh crore," he added.

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By failing to properly take gender interactions into account in research we are limit-ing today's science. EU-funded research is revealing how economic trends affect genders differently, as for example in the COVID-19 crisis. It is also looking at how the interaction between genders impacts macroeconomic trends.

On March 17, 2020, the Dutch Ministry of Finance announced that the Government has adopted a package of measures intended to protect the economy from the coronavirus epidemic, including several tax changes.

The average cost of inpatient care was found to be (Dollor) 26 in Burkina Faso and (Dollor) 134 in Cambodia, while the average cost of outpatient care was (Dollor) 13 per episode in Burkina Faso and (Dollor) 23 in Kenya.

China's State Council has announced a cut in value added tax rates as part of a CNY400bn (USD63bn) tax reduction package to stimulate growth.

On October 9, 2019, the British Virgin Islands International Tax Authority has finalized rules governing the application of the territory's new economic substance requirements, which became effective from January 1, 2019.

The UAE has recently passed legislation to introduce new country-by-country reporting requirements and new economic substance requirements.

Each of the Crown Dependencies – Jersey, Guernsey, and the Isle of Man – have tabled legislation that will introduce new substance requirements for tax-resident firms engaged in certain industries from January 1, 2019.

On April 15, 2020, the United States Internal Revenue Service unveiled the "Get My Payment" online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security Act.

Prime Minister Narendra Modi discussed the measures required to address the health and economic impact of the COVID-19 pandemic with his Italian counterpart Giuseppe Conte over a phone call.

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2011.

Switzerland has made a broadly balanced recovery from the economic crisis, but slower activity in Europe and pressures on the Swiss franc weigh on the near-term outlook, according to the latest Economic Survey of Switzerland.

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2012.

The secretary-General attended the World Economic Forum 2014 Davos where he delivered remarks in different sessions and held bilateral meetings with officials from several countries attending the Forum.

This publication highlights new evidence on policies to support job creation, bringing together the latest research on labour market, entrepreneurship and local economic development policy to help governments support job creation in the recovery. It also includes a set of country pages featuring, among other things, new data on skills supply and demand at the level of smaller OECD regions (TL3).

Mr. Angel Gurría, Secretary-General of the OECD, was in Davos to attend the World Economic Forum 2015.

The Secretary-General participated in several sessions of the World Economic Forum on a wide range of policy issues and also held bilateral meetings with a number of Forum participants.

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2012.

South Africa must step up efforts to foster strong, inclusive economic growth that creates jobs, according to the OECD’s latest Economic Survey of South Africa. Priorities include a growth-enhancing macroeconomic policy-mix, and better implementation of structural reforms, notably to improve education.

South Africa must take urgent steps to proactively investigate and prosecute foreign bribery. No foreign bribery cases have been prosecuted since South Africa joined the Convention in 2007. The 4 on-going investigations – out of only 10 allegations that have surfaced to date – are also far from reaching the prosecution stage, according to a new report by the OECD Working Group on Bribery.

By participating more effectively in the global production of goods and services, Africa can transform its economy and achieve a development breakthrough, according to the latest African Economic Outlook, released at the African Development Bank Group’s Annual Meetings.

This publication highlights new evidence on policies to support job creation, bringing together the latest research on labour market, entrepreneurship and local economic development policy to help governments support job creation in the recovery. It also includes a set of country pages featuring, among other things, new data on skills supply and demand at the level of smaller OECD regions (TL3).

With Africa’s population set to double by 2050, modernising local economies will be vital to make the continent more competitive and to increase people’s living standards, according to the African Economic Outlook 2015, released at the African Development Bank Group’s 50th Annual Meetings.

Tax revenues in African countries are rising as a proportion of national incomes, according to the inaugural edition of Revenue Statistics in Africa. In 2014, the eight countries covered by the report - Cameroon, Côte d’Ivoire, Mauritius, Morocco, Rwanda, Senegal, South Africa and Tunisia - reported tax revenues as a percentage of GDP ranging from 16.1% to 31.3%.

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2012.

This publication highlights new evidence on policies to support job creation, bringing together the latest research on labour market, entrepreneurship and local economic development policy to help governments support job creation in the recovery. It also includes a set of country pages featuring, among other things, new data on skills supply and demand at the level of smaller OECD regions (TL3).

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2011.

As the Slovak Republic strives to increase productivity and competitiveness in the recovery from the financial crisis, the OECD Environmental Performance Review of the Slovak Republic recommends that it strengthen environmental policies.

This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2012.

Economic recovery is picking up in the Slovak Republic, but regional disparities and high unemployment must be addressed to ensure balanced inclusive growth over the long-term, according to the latest OECD Economic Survey of the Slovak Republic.

This publication highlights new evidence on policies to support job creation, bringing together the latest research on labour market, entrepreneurship and local economic development policy to help governments support job creation in the recovery. It also includes a set of country pages featuring, among other things, new data on skills supply and demand at the level of smaller OECD regions (TL3).

Remarks by Angel Gurría Secretary-General for the Launch of the 2019 OECD Economic Survey of the Slovak Republic, Bratislava, 5 February 2019