Fears of prolonged coronavirus downturn and second wave of US cases

Business chiefs expect lengthy period before recovery as CDC chief warns of worse to come during US winter

The prospect of a prolonged worldwide impact from the coronavirus pandemic has hardened after business leaders warned of a drawn-out recession and US health chiefs highlighted the prospect of a second wave of US cases in winter.

As financial markets staggered under fresh blows to the global oil industry on Wednesday, a survey of thousands of bosses revealed that they fear many companies will not survive the onslaught.

The pandemic sweeping the world has killed nearly 180,000 people, according to the latest figures from Johns Hopkins University, and has infected more than 2.5 million.