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The coronavirus pandemic is putting an finish towards the longest economic expansion in U.S. history. Policymakers and economists warn this recession is going to be unlike every other downturn.
After expanding for any record 126 several weeks by December 2019, economists now predict GDP growth will plummet in the foremost and second quarters of the season as companies shutter and vast sums of american citizens are locked lower.
“This can be a huge, unparalleled, devastating hit,” former Fed Chair Jesse Yellen told CNBC on Monday, adding she expects GDP to tumble 30% every year within the second quarter.
Dire unemployment and growth forecasts have brought some to check the coronavirus downturn towards the Great Recession from 2007 to 2009 or even the Great Depression within the 1930s. However, policymakers say this recession is unlike every other in U.S. history since it was spawned with a health crisis, not by a poor economy.
“I’d indicate the main difference between this along with a normal recession: There’s nothing essentially wrong with this economy,” Fed Chairman Jerome Powell told NBC’s “TODAY” recently.
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Why The Coronavirus Recession Is Unlike Every Other