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Coronavirus could ‘drag on US economy for a decade'

Added 06-02-20 01:04:03am EST - “The warning from the Congressional Budget Office comes as tens of millions of American's are out of work.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Coronavirus could ‘drag on US economy for a decade'”. Below is an excerpt from the article.

The drag on the US economy from the virus pandemic will last almost a decade, according to projections by the Congressional Budget Office (CBO).

It forecasts the outbreak will cut US economic output by 3% between this year and 2030, a loss of $7.9tn (£6.3tn).

The nonpartisan CBO said the majority of the loss was caused by the sharp contraction in economic activity this year, which it had not predicted in its last 10-year report, published in January.

“Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce US investment in the energy sector,” CBO director Phillip Swagel wrote in response to an inquiry from Senate Minority Leader Charles Schumer.

“Recent legislation will, in CBO’s assessment, partially mitigate the deterioration in economic conditions," he added.

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