The coronavirus pandemic is putting an end to the longest financial expansion in U.S. history. Policymakers and economic experts caution this economic downturn will be unlike any other downturn.
After expanding for a record 126 months since December 2019, economic experts now forecast GDP growth will plunge in the very first and 2nd quarters of the year as companies shutter and numerous millions of Americans are locked down.
” This is a huge, extraordinary, ravaging hit,” previous Federal Reserve Chair Janet Yellen told CNBC on Monday, adding she anticipates GDP to tumble 30% year on year in the second quarter.
Alarming unemployment and growth projections have led some to compare the coronavirus decline to the Fantastic Economic Crisis from 2007 to 2009 or the Great Depression in the 1930 s. However, policymakers say this economic crisis is unlike any other in U.S. history since it was generated by a health crisis, not by an unhealthy economy.
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Why The Coronavirus Recession Is Unlike Any Other.
https://covid19globalcases.com/why-the-coronavirus-recession-is-unlike-any-other/
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