ABC Online (Australia) - MARK COLVIN: There was a dire warning today from one of the world's leading credit ratings agencies. An oil price shock could cause a major global recession, and financial markets aren't building in enough capacity to absorb risk.
David Wyss is the chief economist at Standard & Poor's...
STEPHEN LONG: How bad a recession are we talking about?
DAVID WYSS: My guess at that point would be on the order of the 1980-82 recession, with unemployment rates in the US climbing up towards ten per cent and you know, a couple of years of significantly negative real GDP.
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ABC Online (Australia) - MARK COLVIN: There was a dire warning today from one of the world's leading credit ratings agencies. An oil price shock could cause a major global recession, and financial markets aren't building in enough capacity to absorb risk.