According to CNBC, the bank said that there was a big economic collapse, and the economist Michelle Meyer, who sent it to his customers, said, “There will be many job losses, wealth will melt, and there will be a crisis of trust.”
The bank shared the forecast that the US economy would shrink 12 percent in the second quarter and 0.8 percent in 2020.
3.5 MILLION WORK LOSS IN THREE MONTHS
The bank predicted that in the second quarter of the year (April, May, June period), a total of 3.5 million people would lose their jobs and the unemployment rate would double the current level of 3.5 percent, and pointed out that the situation was getting worse.
It is noted that the economy can only take a partial breath in July, and the economy is expected to be short-term, though the decline is sharp.
Another major US bank, Morgan Stanley, included the phenomenon of global economic crisis (global recession) in its main scenario for 2020.
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