This is not the usual buy-on-dips market: Stephen Roach
There is a carnage across financial markets, not just on Wall Street. There is a carnage in crude market, precious metal prices have also corrected, emerging markets are in downturn – the wealth erosion now runs into trillions of dollars. What is your view of the world? Do you think what has become bad to horrible could become nightmarish?
The virus turning into a pandemic is a nightmare already, and the global economy is in an extraordinarily precarious place right now. There is widespread contraction of global economic activity. The question is how to respond and once we are able to hopefully contain the virus, how do we move ahead after the worst is passed. When you are in the middle of something like this, it is very difficult to have prospective. Yet, we actually need to do that as well at this precarious point in time.
Source: The Economic Times
