WASHINGTON -- The business shutdowns caused by the coronavirus pandemic could "easily" cause the US economy to collapse by 20 to 30 percent this quarter, Federal Reserve Chair Jerome Powell said Sunday.
While unemployment could peak at 20 to 25 percent, a level not seen since the 1930s, Powell said he was confident the country could avoid another depression. Beyond the dismal figures, "what we're really looking at is getting the medical data," he said, which is critical to determining when economic activity can resume.But he warned it may take time to return to normal and the US may not see a full recovery without a vaccine to treat COVID-19.But "it's going to take a while for us to get back," he said. "It could stretch through the end of next year. We really don't know.
"For the economy to fully recover, people will have to be fully confident, and that may have to await the arrival of a vaccine," he said.
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