When we wondered if the 2020s would be deserving of the rebirth of the “Roaring Twenties” moniker, we certainly didn’t consider all the ways this decade might roar—or bite. Just 10 weeks into the new decade, the World Health Organization (WHO) declared the COVID-19 outbreak a global pandemic. The fallout from the novel coronavirus resulted in the U.S. job gains from the entire prior decade getting wiped out in the five-week stretch from mid-March to mid-April. More than 200 countries have reported COVID-19 cases, and this once-in-a-century health crisis has resulted in nearly four million infections and more than 270,000 deaths globally as of May 8.
In the following, we’ll outline the impact on the economy from COVID-19, project what the U.S. economic recovery will look like, and discuss some of the emerging trends that could be here to stay.
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