WACO, Texas – According to the Perryman Group in Waco, COVID-19 is expected to cost the U.S. economy $973 billion.
Not only is the U.S. expected to lose a significant amount of money, 11 million jobs may also be lost.
Perryman says the ultimate effect of COVID-19 will depend on many factors, and most of them are hard to pin down at this time.
One look at the stock market, which gained close to 2,000 points in the last two days after a monstrous fall last week, shows the unpredictability.
The Perryman Group says it looked at data from public and private areas hit hardest by the virus to come up with a plausible scenario for the ultimate effect on the economy.
“It’s something that’s necessary right now. It may have some adverse consequences down the road, but we can’t worry about that right now – and that’s because of the situation we are in and the amount of the economy that is being shut down and how individuals will meet their needs and small businesses in some of our key industries. We need to keep the structure of the economy in place. So once we get through this we can recover in a reasonable way,” says Ray Perryman, President of the Perryman Group.
Perryman says Central Texans should use the stimulus package for bills and other monthly expenses.