Moody’s chief economist says a second wave of coronavirus cases will destroy hopes for recovery and push the US economy into a depression.

  • Mark Zandi, chief economist at Moody’s Analytics says a second wave of coronavirus cases would quash hopes for a swift recovery and push the US into a depression.
  • Zandi defines a depression as at least 12 months of unemployment above 10%.
  • States have begun reopening their economies to keep businesses afloat, but public health experts warn a return to norms too quickly could drive a surge in new infections.
  • Zandi said, “We may not shut down again, but certainly it will scare people and spook people and weigh on the economy. That would be the fodder for a depression.”
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