WITH the COVID-19 pandemic threatening to hit the country with a $1bn loss or more, Finance Minister Peter Turnquest said yesterday it is likely the economy is already in a recession. “The fact is we’re probably already in recession and this is not just a gentle recession, this looks like it’s going to be a deep, very stark recession,” he told reporters outside of Cabinet yesterday. “Hopefully, again we can get this virus under control before the July, August timeframe so that we can have an opportunity to catch ourselves before the third quarter. “I think if we run into the quarter with things the way they are, I think we’re going to have some very significant problems not only locally, but globally.”

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