COVID-19 pandemic poses risk of recession by Alessandro Rebucci published by Johns Hopkins Carey Business School (2020).
“The devastation wrought by the COVID-19 outbreak is evident not only in the well-known “global cases” map produced by Johns Hopkins University. It’s also displayed nearly daily in the downward-pointing graph lines from stock markets around the world.
March 11, 2020, proved especially noteworthy, and grim, as the latest declines ended the longest-lasting bull market in the history of American equities. The Dow Jones Industrial Average took a tumble that day of nearly 6 percent. That left it 20 percent below its record high of just a few weeks earlier. The bear was back on the prowl.
At the close of the day, Carey Business School Associate Professor Alessandro Rebucci viewed the damage from the recent market activity and offered his interpretation of what it means for the near term and what it could mean in the long term. For the most part, his outlook is not rosy. “The U.S. economy,” Rebucci said, “depends on the optimism of its consumers, and this has been shattered by the COVID-19 pandemic…”
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