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- There are ‘pretty high’ risks of the U.S. economy backtracking, Moody’s economist warns
There are ‘pretty high’ risks of the U.S. economy backtracking, Moody’s economist warns
CNBC reports that Mark Zandi, chief economist of Moody’s Analytics, said that the U.S. economy, which has shown signs of recovering, could see its prospects turn given the intensifying spread of Covid-19 in the country and a lack of additional support measures.
“I think the risks are pretty high here that the economy backtracks,” he told CNBC.
“We are suffering a very significant reintensification of the virus. I mean 40,000 daily confirmed infections four, six, eight weeks ago and we’re now close to 100,000 — that’s going to start doing some damage,” he said.
The surge in cases could see the U.S. follow in the footsteps of Europe, where the outbreak trajectory is about four to six weeks ahead of the U.S., Zandi suggested. He pointed out that Europe has had to reimpose social-distancing measures to contain a resurgence in the coronavirus, which would cause economic damage.
The lack of economic support from the U.S. government is worsening the outlook, the economist said.
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