Second Great Depression Begins? Goldman Now Expects A Record 24% Crash In Q2 GDP; Sees 9% Unemployment
The reaction to the coronavirus is likely to be at least as impactful as the virus itself.
Over the last few days social distancing measures have shut down normal life in much of the US. News reports point to a sudden surge in layoffs and a collapse in spending, both historic in size and speed, as well as shutdowns of many schools, stores, offices, manufacturing plants, and construction sites. These developments argue for a much sharper drop in GDP in Q1 and Q2.