Gus Faucher, chief economist of PNC Financial Services Group, said a recession is not inevitable and that if there is one it is “likely to be brief and much less severe than the Great Recession."
One of the reasons for the difference is because the 2008 crisis was caused by significant underlying issues in the economy. The coronavirus outbreak, on the other hand, is an outside event that’s prompting the volatility. Some compare it to a “natural disaster.”
Once the outbreak is over, the economy’s major players should be poised for a comeback, according to the article.
For a deeper comparison between today and 2008, click here to read the full article from USA Today.