"Recessions typically develop gradually over time," researchers Jason Bram and Richard Dietz said in a blog post Friday."The coronavirus pandemic, in contrast, came on suddenly, hitting the economy at full force in one month."But unlike a natural disaster, the authors said the pandemic has not left physical destruction in its wake,"which may well facilitate a quicker economic recovery.
While US officials have expressed hope about a"V-shaped" recovery, with a sharp, rapid return to growth, private economists are more cautious given the uncertainty around the duration and severity of the pandemic. The IMF's Georgieva warned that, even if the pandemic is contained quickly, with most countries seeing incomes decline the global economy likely will see only a"partial recovery" next year, and"it could get worse."
With the massive infusions of cash to support large companies and small businesses, the US government's finances will take a hit.
Source: News Formal (newsformal.com)
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