* Steven Mnuchin reportedly said on Tuesday that unemployment may reach 20%
* The Treasury secretary made the comment during a meeting with US senators
* Mnuchin reportedly said he believes economic fallout from the coronavirus is potentially worse than the 2008 financial crisis
* Morgan Stanley and Goldman Sachs said a global recession is already underway
* A recession is defined as two or more consecutive quarters of negative growth
* New poll finds 18% of US adults have lost jobs or had hours cut due to crisis
* Trump for the first time acknowledged that the US 'maybe' faces recession
* Marriott hotel chain is beginning furloughs for tens of thousands of workers
Treasury Secretary Steven Mnuchin has reportedly warned that the US could see an unemployment rate of 20 per cent as the coronavirus plunges the economy into a recession.
On Tuesday, it was revealed that a global recession has already begun due to the spread of COVID-19 as major companies begin laying off employees worldwide and a fifth of US workers say that they have already lost wages due to the crisis.
Mnuchin reportedly made his remarks about the economy during a meeting with senators on Tuesday.
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WNU Editor: I concur with their analysis. Trillions have been lost in the stock markets. Literally every business in Asia, Europe, and the U.S./Canada is impacted. And as for unemployment rates. I cannot help but sense that this 20% rate that US Treasury Secretary Steve Mnuchin is talking about is actually a low-ball number. And then there is the nightmare scenario where the Covid-19 coronavirus pandemic continues to spread in regions like Latin America, Africa, and the warzones of the Middle East. In that case the disease will always be with us until a safe vaccine has been developed to counter this deadly disease, a frightening prospect since a safe vaccine is projected to be only available by the middle of next year. If that becomes the case, this will not be a recession, it will be a depression that will take a long time for the global economy to bounce back.
Update: I have a lot of friends who own their own business in Montreal. When I think about their current situation, I cannot help but feel that half will be forced to close their doors permanently within three to four months.
More News On Morgan Stanley and Goldman Sachs Declaring A Global Recession Is Already Underway
Morgan Stanley says a global recession in 2020 is now the firm’s ‘base case’ -- CNBC
US entering coronavirus recession: S&P Global -- The Hill
Coronavirus has plunged the world into a recession, according to S&P -- CNN
Morgan Stanley officially says a global recession is now its base case as the coronavirus outbreak escalates -- Business Insider
