US, WASHINGTON (ORDO NEWS) — The US economy may drop 4 percent in the first quarter of this year and 14 percent in the second quarter, and is likely to contract 1.5 percent for the whole year, a senior economist at JP Morgan said on Wednesday.
This is one of the darkest predictions to date of possible damage to the Coronavirus virus.
The bank’s chief economist, Michael Veroli, also predicted that unemployment in the United States would rise to 6.25 percent by mid-year, before falling to about 5.25 percent by the end of the year as economic growth resumed.
The forecast assumes that the Federal Reserve will continue to find “innovative” ways to support the economy, and that the Trump administration and Congress will provide $ 1 trillion in public finance support.
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