Economists are now predicting that the United States is heading toward a recession if we haven’t already entered it. The question now is how quickly our economy will bounce back.
Our economy hasn’t seen an economic slowdown of this magnitude since the Great Depression. Indeed, JPMorgan, the U.S.’s biggest bank, is predicting a 14% decline in the gross domestic product next quarter, which is almost double the size of the 2008 recession’s collapse. Unemployment will double by the end of the year, according to JPMorgan’s estimates (which tend to be more cynical than other predictions), and the overall economy could shrink by 0.2%.
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