Investors have never had to deal with so much uncertainty as a result of the current health and economic crises, an economist told CNBC Wednesday.

The coronavirus pandemic keeps spreading across the world. Even in certain European countries, where cases had fallen in recent months and their economies reopened, new regional outbreaks have emerged. As a result, predicting the economic consequences of the pandemic as well as the potential government response has become an unprecedented challenge.

“In the 30 years I have been an economist we have never had this much uncertainty about the effects of the shutdowns, the future of the shutdowns because of the pandemic, the policy response and people’s fear in a sense,” Erik Nielsen, group chief economist at UniCredit, told CNBC’s Squawk Box Europe.

“We are running in complete blindness right now, there is no way of being confident about the outlook,” he said.

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