The grim forecast came in a recent government report. The coronavirus pandemic could result in trillions of dollars’ worth of economic-related losses, a new government report shows.
Updated figures sent to Democratic Minority Leader Sen. Chuck Schumer on Monday by the Congressional Budget Office highlight a “significant markdown” in GDP as a result of the pandemic.
Over the next 11 years, the agency forecasts output will be $7.9 trillion less than its baseline projections put out in January.
The cumulative nominal output will be $15.7 trillion less than previous forecasts.RELATED: Mass gatherings, erosion of trust upend coronavirus control “Business closures and social distancing measures are expected to curtail consumer spending, while the