Bloomberg Economics’ global GDP growth tracker dropped sharply again in April, indicating the world economy contracted at an annualized rate of 4.8%, down from a drop of 0.8% in March and a far cry from growth of 4.2% at the start of the year.

It’s also the lowest reading since the height of the financial crisis in late 2008. What comes next will depend on the pace at which containment restrictions are eased.