Over 3 million Americans could lose jobs over recession, economist predicts amid covid-19 pandemic
More than three million Americans may lose their jobs over recession caused by the spread of the novel coronavirus in the United States, an economist says.
David Wilcox, a senior fellow at the Peterson Institute for International Economics, told CNBC on Monday that a typical recession would increase unemployment by around 2 - 2.5 percent.
“I think the odds are now heavily weighted toward there being a recession,” Wilcox said. “That’s a not a sure thing at this point, but I think it’s better than an even-odds bet.”
Wilcox indicated that the vulnerable members of the society will be more susceptible to the recession.
“The economic cost, the burden of a recession, is very unequally distributed,” he said.
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Repercussions of the pandemic could harm various sectors amid rising anxieties over the fast-moving coronavirus.
“It’s really hard to predict how it’s going to play out,” said Wayne Outten, the founder and chair of Outten & Golden, an employment law firm in New York, of the coronavirus fallout. “The ripple effect can be dramatic in so many different industries.”
The US has declared a state of emergency while the Senate is preparing to propose at least $750 billion to tackle the outbreak.
Goldman Sachs now expects annual GDP growth to hit 0.4 percent, compared to its former 1.2-percent estimate.
"The uncertainty around all these numbers is much greater than normal," Goldman Sachs analysts said.
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