Markets around the world have been shaken by a perfect storm of the Covid-19 spread and an oil shock.
The New Zealand share market has clawed back much of its losses and closed down 194 points, about 1.7 percent, after plunging close to five percent at the open.
Over the past 24 hours on global markets, London's FTSE was down more than seven percent; on Wall Street, where it was meant to be the anniversary of the US stock market's longest-ever bull run, a trading halt was called - a first in more than 30 years.
When the day was over, Wall Street had suffered its biggest one-day loss since the 2008 financial crisis.
A financial adviser to global investment company, Allianz Mohammed El Arian, says a recession now appears inevitable.
The dramatic slide followed weeks of economic fears over the spread of Covid-19.
But it was tipped over the edge by an oil price standoff between Russia and Saudi Arabia.
By Monday, oil prices had posted their biggest fall since the Gulf War. A managing director at investment company Eurasia Group, Robert Johnston, says there's now a glut of oil production that could last a while.
Locally the effects have been immediate - and good news for drivers. Petrol prices at the pump dropping suddenly and sharply.
Z Energy has cut petrol prices at 90 percent of its Caltex and Z service stations, by up to seven cents a litre. Energy and Resources Minister Megan Woods says she will be keeping an eye on petrol companies.
Aucklander Peter Fahey, is enjoying the cheaper prices.
But Mr Fahey is also worried about his personal investment fund as shares drop.
Financial advisor Martin Hawes says most KiwiSaver funds will be facing reduced funds due to the market upheavals.
But he says those unhappy should invest in less risky schemes - and it's not all bad news.
Economists here are forecasting a recession, though different from that of 2008.
Westpac senior economist Michael Gordon says this will likely be a more conventional.
Business confidence in the first week of March has certainly fallen.
The preliminary ANZ Business Confidence survey out today indicates all key activity indicators fell from February, including prices.
And provisional trade data for February released today has confirmed what was widely suspected - exports and imports to and from China dropped last month.
ANZ chief economist Sharon Zollner says firms' own activity is at the lowest in 11 years.
The chief executive of Business New Zealand, Kirk Hope, says those reliant on industries like tourism and forestry will be hit hardest.
Local retailers are also expecting things to get worse.
A survey of Retail NZ members found 70-percent expect to have cashflow difficulties, and 30-percent have already cut staff hours.
Retail NZ chief executive Greg Harford says discretionary spending is one of the first areas to be scrimped on.
Business New Zealand's Kirk Hope says government initiatives to support businesses are positive, and anyone affected should talk to their bank and the IRD.
