Bank of America: Global economic recession is no longer avoidable

Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here, Report informs citing CNBC.

“We are officially declaring that the economy has fallen into a recession,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed, and confidence depressed.”

Meyer said it’s only going to get worse. The firm sees a trough in April, followed by a “very slow return to growth thereafter with the economy feeling somewhat more normal by July.”

The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. GDP for the full year will contract by 0.8%, it said.