FXStreet reports that economists at ABN Amro have downgraded their economic growth forecasts further given the spread of the coronavirus around the world. The three firsts quarter of the year are set to be hit.

"We now see even more weakness in global economic growth in the first half of this year and to a lesser extent in the third quarter. This should be followed by a strong rebound in the fourth quarter and the start of next year."

We will likely see global GDP growth somewhat below the IMF's 2.5% threshold for recession for the year as a whole, though the period of weakness will be relatively short-lived.

"The US flirts with recession, while the eurozone experiences a modest technical recession in our updated scenario."