Stocks are on track for their worst week since 2008
Famed hedge fund Bridgewater predicts the coronavirus will lead to $4 trillion in lost corporate revenue for both public and private businesses in the U.S., according to a report the firm published Friday.
“That is a very dangerous decline, and if not mitigated, it will lead to a long-lasting ripple,” said the Bridgewater team who authored the research report.
In Bridgewater’s model, companies will have a shortfall of $2 trillion “concentrated in energy and travel and leisure, and about equally divided between large and small companies.”
The firm projects a 6% decline in US GDP for 2020, with the biggest hit during the second quarter.
The firm also estimates a decline of $12 trillion for global businesses in 2020.
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[Original Source: CNN]