Looking to the Future

As our lives continue to change day by day, we're all wondering how long this will last and how long we will feel the effects of the coronavirus. According to an article by Keeping Current Matters, "The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we've seen play out in the U.S. economy many times over."

What the experts are saying: Here's a look at what leading experts and current research indicate about the economic impact we'll likely see as a result of the coronavirus

First, we have a forecast of U.S. Gross Domestic Product (GDP).

"Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country's economic health."

When looking at GDP, a survey of three leading financial institutions shows a projected sharp decline followed by a steep rebound in the second half of this year.

A recent study from John Burns Consulting also notes that past pandemics have also created V-Shaped Economic Recoveries like the ones noted above, and they had minimal impact on housing prices. With this historical analysis in mind, many business owners are also optimistic for a bright economic return. A recent Pricewaterhouse Coopers survey shows this confidence: 66% of surveyed business owners feel their companies will return to normal business rhythms within a month of the pandemic passing. 90% feel they should be back to normal operation 1 to 3 months after.

The bottom line: Lives and businesses are being impacted by the coronavirus. However, experts do see a light at the end of the tunnel. We can take guidance and advice from experts that this too will pass.

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