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‘The deepest recession on record’: Bank of America slashes forecasts, now sees up to 20 million jobs lost, 15.6% unemployment, and a shrin...
"There is more to come," the BofA economist Michelle Meyer said. "Given the severity of the downturn, we think more fiscal stimulus will be needed."
"Sky-high jobless claims numbers" and the $2 trillion stimulus bill contributed to Goldman's forecast of "a deeper trough" and "a bigger rebound."
Major banks have slashed GDP forecasts as spiking unemployment and mounting virus cases punts an economic recovery further into 2020.
JPMorgan slashes its GDP forecast for next quarter, now sees a 25% contraction and an imminent recession despite ‘Herculean’ stimulus meas...
The bank kept its estimates for an economic rebound in the second half of 2020, noting tight financial conditions offset hopes for a sharp recovery.
"It is a huge shock and we are trying to cope with it and keep it under control," St. Louis Fed chief James Bullard told Bloomberg.
The worst global recession since World War II: Deutsche Bank just unveiled a bleak new forecast as coronavirus rocks economies worldwide
The firm attributed its estimates to coronavirus' rapid spread throughout Europe and the US and the faster-than-expected plunge in economic activity.
Goldman Sachs officially predicts a coronavirus-driven recession will hit the US, sees GDP shrinking 5% in 2nd quarter
The coronavirus' hit to economic activity will most intensely drag on the travel, entertainment, and restaurant sectors, Goldman analysts wrote.
"The most important economic impact of this will be the direct reduction in output due to parents taking time off work," wrote Capital Economics.
Another global authority slashes its growth forecast to near-standstill levels, as experts brace for the worst economy since the financial crisis
The respiratory illness COVID-19 has spread to at least 76 countries, upending global supply chains and broader business activity.
US economic growth could halve this year in even the softest coronavirus scenario, top research firm says
The Brookings Institution laid out three projections for a coronavirus pandemic, with the harshest estimating a $9 trillion hit to global growth.