The Australian's Adam Creighton says it's "almost certain" Australia is "in the midst of a recession" as the coronavirus continues to spread and infect people globally. "Financial markets are catching up with the grim reality of the disease," Mr Creighton said.
"It's pretty clear that the damage to the economy is going to be far greater than the 0.2 percentage points of GDP that the Reserve Bank expected a couple of months ago."
Mr Creighton made the comparison there was a "sharp bounce back" in markets following the SARS outbreak in 2002 but said COVID-19 was reaching a point where "it is infecting far more people" and is "far more contagious".
"I think it's still true that it's not as lethal - I think that's one silver lining," he said.
Image: News Corp Australia
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