These are difficult times for the United States and the world. Tens of millions of Americans have filled jobless claims. Millions of small businesses are temporarily closed, and many small business owners aren’t sure they’ll be able to reopen. Meanwhile, families are struggling to make ends meet, while a global pandemic threatens their health.
The COVID-19 health crisis has led to a global economic crisis, with the IMF predicting that global growth could contract by 3 percent in 2020. This raises many important questions:
What are policymakers doing right now to help combat this crisis, and what should they be doing in the future? What is the economic impact of social distancing, and how long can we sustain this stagnation? What’s next for the global economy?
More than 6,300 people from the Booth community joined this virtual Economic Outlook event. Booth professors Austan D. Goolsbee, Randall S. Kroszner, and Raghuram G. Rajan offered their insights on the changes facing the global economy, and how policymakers should respond to the COVID-19 crisis.