The new estimate said that over the 2020-2030 period, total GDP output could be US$15.7 trillion lower than CBO had been projecting as recently as January. That would equal 5.3 percent of lost GDP over the coming decade. After adjusting for inflation, CBO said the lost output would total US$7.9 trillion, a loss of 3 percent of inflation-adjusted GDP. CBO called this a “significant markdown” in GDP output as a result of the pandemic. The CBO also issued a separate report detailing a cost estimate for a US$3.4 trillion virus rescue bill that passed the Democratic-controlled House in mid-May.

Source: The Standard June 02, 2020 01:30 UTC