FXStreet reports that economists at Deutsche Bank have updated their prospects for the global economy and look gloomier.

"We see world GDP falling 11% below its end-2019 level in Q2, and recovering to about the end-2019 level by the end of next year."

"The projected drop this year is 6%, compared with the consensus projections of half that amount or less and a previous record decline of 0.1% during the GFC."

"This economic shock, while falling well short of the Great Depression thanks to massive monetary and fiscal policy intervention, nevertheless results in immense increases in unemployment that will put a major strain on national treasuries for some time to come."