Economists and other key figures say that economic recovery won’t be immediate, and that the repercussions of the pandemic will be felt for months and maybe years to come.
Monday predicting the economy will shrink by nearly 11 percent by the end of the year.
“Certainly, I think the level of uncertainty that we’ve had so far, the level of economic dislocation, the costs that the government has been having to make up, and the forgone production by essentially shutting down a tremendous part of the world economy … lends itself to a slower recovery,” he said.
JPMorgan CEO Jamie Dimon predicted in a call with investors Tuesday that the economy wouldn't open in May, but potentially in"June, July, August." He said they're expecting a recovery in the back half of the year — not a boom. “There’s a big scary virus out there and people may not want to engage in economic activity in the way that they normally would,” he said. “Until we can restore people’s confidence that we have the virus under control …it’s difficult for me to imagine that economic activity will return to normal.”
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