CBO: May take US economy decade to heal from COVID

National

CBO: A lost decade looms for America's economy

(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.

CLICK HERE FOR MORE CORONAVIRUS COVERAGE

More from MyHighPlains.com:

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Video Forecast

More Forecast

Don't Miss