The COVID Recession: An Economic Forecast by Dr. Christopher Thornberg
The novel coronavirus (COVID-19) has changed the way in which we live and conduct business, and has left many in the business world wondering what happens next. On September 10, Pacific Premier Bank hosted an economic conference with Dr. Christopher Thornberg, Director for UC Riverside’s School of Business Center for Economic Forecasting and Development, and Founding Partner of Beacon Economics. Here, we share some highlights of Dr. Thornberg’s presentation.
Since last spring, there have been 30 million COVID-19 cases globally and about 1 million deaths—approximately one-fifth of all cases and deaths are in the United States. During the Pandemic Recession, two factors heavily contributed to the sharp slowing down of economic activity: health mandates by the US Centers for Disease Control and Prevention (CDC) and consumer fear.
According to Dr. Thornberg, the big question of where do we go from here depends on three driving factors:
- The path of the virus itself
- The economic response to the presence of the virus
- The damage to the economy from pandemic-driven closures
To learn more about Dr. Thornberg’s Economic Forecast presentation, you can access:
The views, thoughts and opinions expressed during this presentation are those of Dr. Christopher Thornberg and Beacon Economics, LLC. They do not purport to reflect the views, thoughts or opinions of Pacific Premier Bank. Pacific Premier Bank makes no representations as to the accuracy, completeness, correctness, suitability, or validity of any information presented and will not be liable for any errors or omissions in this information. Further, the information presented is for general informational purposes only.