The coronavirus outbreak will thrust economies around the world into “deep freeze,” one analyst told CNBC Monday, with some unprecedented lockdown measures likely to remain in place for months.
An intensifying health crisis has meant countries around the globe have effectively had to shut down, with draconian measures placing massive restrictions on the daily lives of hundreds of millions of people.
To date, more than 723,000 people have contracted COVID-19 worldwide, with 34,018 deaths, according to data compiled by Johns Hopkins University.
“I think, right now, the key issue is to try and do something that’s basically never been done before in the world,” Matthew Oxenford, lead U.K. analyst at the Economist Intelligence Unit (EIU), told CNBC’s “Squawk Box Europe” Monday.
That is to “put most economies on life support — into some sort of deep freeze — that they can come out of in three, probably more like six, months,” he added.