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Goldman says downturn will be 4 times worse than housing crisis, then an 'unprecedented' recovery
The global economic hit likely will be rate four times worse than the financial crisis and the U.S. will see its highest unemployment rate since World War II, according to a Goldman Sachs forecast. With most of the world’s developing economies on a near total shutdown to try to stop the coronavirus spread, Goldman sees a second quarter GDP decline of 11% from a year ago and 35% from the previous quarter on an annualized basis. In the U.S., the headline unemployment rate should hit 15% “and even this understates the severity of the situation” as many workers will be sidelined and not looking for jobs amid an ... (full story)
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