WASHINGTON (AFP) - The coronavirus pandemic has hit like a worldwide hurricane, shutting activity in most economies simultaneously, but some forecasters are more optimistic about the prospects for recovery once the worst has past.. Read more at straitstimes.com.
WASHINGTON - The coronavirus pandemic has hit like a worldwide hurricane, shutting activity in most economies simultaneously, but some forecasters are more optimistic about the prospects for recovery once the worst has past.
With 1.5 million confirmed cases and 100,000 deaths, the virus has forced economies worldwide to shut down, which in the United States caused 17 million workers to lose their jobs in just three weeks. "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."
BUDGET HIT With the massive infusions of cash to support large companies and small businesses, the US government's finances will take a hit.
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