Scale of the economic carnage is becoming apparent

The scale of the economic damage in Switzerland and the Nordics following the imposition of draconian virus-related containment measures is becoming all too apparent. Business surveys have plunged across the board, and the statistical agency in Norway estimates that GDP there plunged by a whopping 14% m/m between the start and end of March. This is consistent with the economy contracting by about 3% q/q in Q1 and, unfortunately, Q2 is likely to be even worse.