Prepare for the coronavirus global recession | Larry Elliott

What initially seemed localised is worldwide and economic pain will go on for longer than first thought

Travel bans. Sporting events cancelled. Mass gatherings prohibited. Stock markets in freefall. Deserted shopping malls. Get ready for the Covid-19 global recession.

Up until a month ago this seemed far-fetched. It was assumed that the coronavirus outbreak would be a localised problem for China and that any spillover effects to the rest of the world could be comfortably managed by a bit of policy easing by central banks.

Related: Coronavirus latest updates: UK over 70s to have to self-isolate 'within weeks'

In the coming weeks the Bank of England can be expected to cut interest rates to 0.1%