How long will it take for the U.S. economy to recover from the Corona virus shutdown?
- 6 months
- 1 year
- 2 years
- 5 years
- Anyone’s guess
If you ask 100 economists when the U.S. economy will recover, you may very well get 100 opinions. With unemployment numbers continuing to escalate, the food supply chain potentially breaking, and a vaccine still months away, “1 – 10 years to recover” has been bantered about as an answer. Although the recovery time is in a big gray zone, most economists agree that no matter how long it takes, it will be a slow and painful process, with many thinking that we’re headed for another Great Depression.
One of the biggest threats to any recovery has to do with the possibility of a resurgence in outbreaks across the nation and globe. If regional outbreaks of the coronavirus continue for more than a year, with accompanying interruptions in local economies, any economic gains could easily be wiped out and the region could slip right back to square one.
Not to be all gloom and doom, but like other past economic meltdowns in history, people and companies have always reinvented themselves, finding new technologies and establishing new industries that have helped to lift the country and world out of its blackhole. One thought is that this severe downturn may be a silver lining for the significant development in green energy technology. This would not only lower domestic energy costs but more importantly, jobs and an economic recovery would greatly increase as well.
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Source: Business Insider