'An economic pandemic': The coronavirus is becoming a bigger threat to the U.S., economists say

As the coronavirus spreads and raises the risk of recession, some analysts are further downgrading their forecasts for the U.S. economy.

The outbreak is taking a growing toll on the U.S. economy, chiefly through reduced travel and tourism, Zandi says. Also, manufacturers will likely export less to Asia and Europe as demand there slackens. And lower imports from those regions are expected to lead to shortages of intermediate parts and retail products in the U.S., along with higher prices that curb consumer spending.

For all of 2020, Zandi predicts the virus will trim growth by two-tenths of a percentage point to 1.7%. But if the outbreak becomes a global pandemic – a risk Zandi now puts at 40%, up from 20% – that almost certainly would result in a U.S. and global recession, he says.“It’s becoming a threat to the economic expansion that is rising,” he says. The U.S. economy has grown for a record 10½ years.

“It’s causing an economic pandemic,” she says. “We have a global reaction that’s literally shutting down businesses.”

Vi har oppsummert denne nyheten slik at du kan lese den raskt. Er du interessert i nyhetene kan du lese hele teksten her. Les mer:

USATODAY /  🏆 100. in US

Norge Siste Nytt, Norge Overskrifter

Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.

Coronavirus Has 'Pandemic Potential' But Isn't There Yet, WHO Says'Does this virus have pandemic potential?' Dr. Tedros Adhanom Ghebreyesus said Monday. 'Absolutely, it has. Are we there yet? From our assessment, not yet.'
Les mer »

WHO says coronavirus is not yet a pandemic but countries should prepareIf countries can slow the virus down enough to get through flu season, it will provide 'massive positive benefits,' the WHO said.
Les mer »

Global stocks tank as investors brace for a coronavirus pandemic - Business InsiderThe flu-like illness has now killed people in Italy, Iran, and South Korea, fanning fears it will hinder the global economy.
Les mer »

Dow futures plunge 800 points as coronavirus cases outside China jumpU.S. stock futures tumbled Monday after a sharp rise in coronavirus cases outside China revived concerns about an economic fallout from the outbreak.
Les mer »