Why economic impact of COVID-19 might outlast the outbreak - PBS NewsHour

Diane Swonk:

Well, over the weekend, you saw I think the idea that it's not just a China situation, that it is global in scope.

I call it an economic pandemic, if it's not an actual health pandemic yet. And what that means is, it's going to hit in all these different places, as the professor laid out, that could hit in all these different places and cause these massive disruptions.

And the disruptions are not easily fixed with fiscal stimulus, giving tax cuts or cuts in interest rates. You can't recoup some of these losses. And there's also a lingering effect of the reality that something that was once a horror movie and we saw it on a screen now is a reality check, that this can actually happen.

And that's going to change the behavior of businesses. There's a fear factor out there that's acting going to act as a tax on the global economy, and in the U.S., people being afraid to congregate, people being afraid to go to public places, these conferences being canceled.

Those all have ripple effects, and you can't recoup them.

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February 25, 2020 at 06:53AM
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Why economic impact of COVID-19 might outlast the outbreak - PBS NewsHour
"to have an impact" - Google News
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