Even if the Trump administration is doing their best to convince people that they will not suffer much because of coronavirus issues, experts think it’s inevitable. Ed Hyman, who is a famous economist on Wall Street, said the current situation of coronavirus might bring back recession problems. He predicted the country’s best two Quarters would not perform better because of the coronavirus outbreak. Hyman who is the chairman of Evercore ISI said new cases of coronavirus are getting noticed and it’s just a start. Things might get an ugly turn sooner when more people get diagnosed with this disease.
The GDP growth rate for last year’s fourth quarter was around 2.1%, and during this year’s first quarter it was 2.35%. A downfall of two consecutive Quarters growth rate is an indication of the upcoming recession. The country is doing fine under the Trump administration, but one cannot ignore the geopolitical situation like a trade war with other countries. Those things have also poorly impacted on the country’s economy. Hyman is one of the most renowned economists on Wall Street, who is also known as the famous pessimist of the market. General investors are already worried about the current happening because of which last week, the stock market fell with a considerable margin.
Chinese government organisations are trying not to release the actual number of patients data which could be bigger and more dangerous than people’s expectations. Dow Jones Industrial Average and S&P 500 went through their worst week recently. Hyman pointed out the fact that the market has given its negative feedback on current happenings around the world. Many countries’ investors are still worried about a global recession which would be hard to resolve. Hyman somehow predicts a positive GDP growth rate for this year and next year.