The U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdowns, the Congressional Budget Office said Monday.
In an analysis that highlights both the depth and duration of the pandemic’s economic impact, the CBO said it has marked down its 2020-30 forecast for U.S. economic output by a cumulative $15.7 trillion, or 5.3%, relative to its January projections. Adjusted for inflation, the shortfall is estimated at $7.9 trillion, or 3% of cumulative gross domestic product.
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