Barclays Wealth: prepare for recession, not depression

Dicks outlined three scenarios that could now play out. The 'awful' outcome would see a brief and relatively shallow recession, from which the economy emerges intact. The 'brutal' scenario would see a deeper and longer lasting downturn, while a 'catastrophic' outcome would result in a depression, in which GDP collapses. While Barclays Wealth estimates the probability of a depression at no more than 10pc, the far more likely recession will not necessarily be short-lived, Dicks warned. He said: "The financial markets will take some time to mend, and hence for trust to return. The likeli...