Just How Bad Is It? Here’s The Economic Damage The Coronavirus Will Cause, According To Major Banks

As the coronavirus continues to roil stock markets and leads to widespread business shutdowns across the country, a growing number of top banks on Wall Street have been issuing increasingly dire forecasts on the economic turmoil caused by the pandemic, with many saying that a recession will hit in 2020—if it hasn’t already done so.to U.S.

Morgan Stanley warned investors of the same thing: “Global recession in 2020 is now our base case,” the firm’s chief economist, Chetan Ahya, , predicting global economic growth to slow to 0.9% this year—the lowest level seen since the 2008 crisis.that the U.S. economy will contract by 12.9% in the second quarter, with the coronavirus-driven declines set to"substantially exceed anything previously recorded going back to at least World War II," according to a note Wednesday.” of almost 10% in second-quarter GDP, while also predicting a deep recession in the first half of 2020 due to the coronavirus pandemic.

But: Most of the economists at the big banks listed above still predict the economy will rebound later in 2020, or by 2021 at the latest.Dubravko Lakos-Bujas, chief U.S. equity strategist for JPMorgan Chase, is so bullish on a rebound that he expects the S&P 500 to reach 3,400 points, or 47% higher than its current level, by 2021. Before that happens, he

, GDP will shrink 14% in the second quarter—a steeper decline than the 8.4% drop experienced in the fourth quarter of 2008.CNBC last Thursday that the coronavirus pandemic will cost U.S. corporations up to $4 trillion. “What’s happening has not happened in our lifetime before. ... What we have is a crisis,” Dalio said, also adding, “a lot of people are going to be broke.”

Come on GOP and senatemajldr, get the stimulus passed. Every minute counts. You need to help the average worker, not massive corporations. Poor Americans can't borrow from the Fed, or sell new Series A shares, or take low-interest loans from banks. Who do you work for anyway?

Forecasting a recession It's already here!

Only 20 Trillions lost so far..just the beginning of the end. Need a moneyless society after this. Like in Star Trek

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