Future of the economy due to COVID-19

The Corona Virus pandemic has scared many people and has had a huge impact on how we now live our lives. The scariest part for many of us is wondering how long it will last. This pandemic has been unpredictable and the pattern continues to be unidentifiable. There is no doubt that we are heading into a recession, if we aren’t already in one. This recession is like something we’ve never experienced, and it’s worldwide. Being advised to not go outside only if absolutely necessary and to stay away from others are rules that we’ve never really gone through. Credit Suisse, a leading financial service company, made a statement saying ““Economic data in the near future will be not just bad but unrecognizable,” which is a really terrifying thought. Greg Daco, a chief U.S. Economist at Oxford, is in agreement that this is something we have never experienced, and that it may get worse. “Mr. Daco says the unemployment rate could hit 10 percent in April, a level unseen since the nadir of the last recession, with the possibility of even higher jobless rates in the following months.” This whole situation is scary, however, there have been a decreased amount of people getting infected due to the social distancing and precautions that we have been taking. If we’re lucky, the economy may start rising again, we just need to be patient and look out for each other in these stressful times!





https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html

 

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