New data out on Friday showed business activity plunging to record lows in the euro zone and UK.
Julian Satterthwaite reports.
Business activity in Europe has collapsed.
As lockdowns sweep the continent, shops, factories and restaurants have all gone quiet.
Now new data shows just how bad things are, with a closely watched index plummeting to record lows.
March's composite Purchasing Managers' Index tumbled to 29.7 for the euro zone.
That's by far the biggest one-month drop since the survey began in 1998.
It's also way below the 50-point level that signifies growth.
Survey compiler IHS Markit says the numbers point to economic contraction of about 10% per year.
The service sector is even harder hit, with that index sinking to 26.4.
Travel, tourism and restaurant trades have all been devastated.
It was a similar story in the UK, where the services PMI slumped to 34.5.
Small business owners say lockdowns had an instant effect.
(SOUNDBITE) (English) OWNER OF BRYANTS NURSERIES, RICHARD BRYANT, SAYING: "I think it was when the government announced the closure of all businesses, non-essential businesses.
We had orders cancelled on that day, we had stock sitting, waiting for lorries to turn up to take the stock away, but they just sat there.
So the impact was immediate, there was just no notice at all." Richard Bryant supplies plants to gardening stores.
Without customers, his stock is rotting away.
Right now, it's no stretch to imagine the global economy doing the same.
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