(CNN) — A lost decade for America’s economy could be what lies ahead according to the Congressional Budget Office.
On Monday the CBO said it could take most of the next ten years for the US economy to recover from the impact of the coronavirus.
The office warns the pandemic will cut economic output over the next decade by $7.9-trillion dollars, or three percent of GDP during the decade.
That’s compared to CBO projections from January.
The total damage comes to $15.7-trillion dollars or 5.3-percent of GDP and that’s without accounting for inflation.
The CBO qualified its statement though, cautioning that there is a lot of uncertainty in its forecasts.
That’s because the course of the pandemic is unknown, and it’s not clear how the economy will respond.
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