Understanding the Global Coronavirus Recession
The French-American Foundation hosted a Zoom webinar on Tuesday, May 12 at 1:00pm ET with Gregory Daco, Chief US Economist at Oxford Economics, on economic forecasting and the impacts of COVID-19. The event was moderated by Alexandre Chenesseau, Managing Director (New York) at Evercore and member of the Foundation’s Transatlantic Forum.
The Global Coronavirus Recession (GCR) hit the US economy with tremendous force. We anticipate GDP will shrink by 12% this year – roughly three times larger than the output loss during the 2008-09 Global Financial Crisis, and the biggest economic contraction since 1946. With nearly 30 million job losses as a result of the coronavirus shock, the Fed and Congress have passed unprecedented stimulus measures. What should we expect for the US economy in this new normal?
Gregory Daco: Gregory Daco is Chief US Economist at Oxford Economics where he is responsible for producing the US economic outlook using Oxford Economics’ proprietary Global Economic Model. Greg directs thematic research on the economy, the Fed and fiscal policy, and leads a team of high caliber economists producing intraday economic, financial market and technical analysis. He conducts regular briefings on the global economy for corporate boards, trade associations and policymakers at all levels. Greg is often quoted in national and global publications and is a frequent guest of CNBC, Bloomberg and NPR.
Alexandre Chenesseau: Alexandre Chenesseau is a Managing Director at Evercore and is based in New York. Alex advises corporate and private equity clients in Asia, Europe and North America on cross-border mergers & acquisitions, joint ventures and capital raising assignments in industries such as technology, media & entertainment, and business services.