The global economy is heading into a recession, initially at least a pretty severe one. In its latest Economic Briefing, ACCA (the Association of Chartered Certified Accountants) has shared exclusive insights into the economic consequences of the Covid-19 epidemic and has urged governments around the world to work on large scale fiscal action to help businesses recoup losses and prevent massive unemployment. The measures introduced by governments in an attempt to slow the spread of the virus are having a dramatic effect on huge swathes of economic activity. There is the direct loss of output and employment caused by the closure of hotels, shops, restaurants, the reduction in travel and, in some areas, complete lockdown. In businesses that continue to operate with employees working from home, productivity and output will suffer. Such economic pain is being felt simultaneously across the majority of the global economy. Two of the most significant regions of the gl