A decade after the Global Financial Crisis (GFC), the world economy is even more leveraged. This time, however, the intervention by central banks will not work because they are out of ammunition.
Global Trade growth is crumbling; overall GDP growth is at slowest and will get worse according to the latest assessment by the World Bank.
The trade war between the US and China was the last nail in the coffin of global trade. Decoupling of the US and the Chinese economy has accelerated, is inevitable and will change the global business as we know it.
The current global growth crisis and ensuing recession are not going to be as dramatic as GFC. However, the lasting shock to the global economy will be very pronounced, will last many years, and we are not ready for it.