PHOENIX (AP) — Arizona State University economists say the state’s economic slide due to the coronavirus pandemic will last for months but be followed by a rebound that results in a recovery by early 2021.
Economics professors predicted a recession of three to nine months as they spoke Tuesday during an annual forecasting webinar hosted by the W.P. Carey School of Business and the Economic Club of Phoenix , the Arizona Republic reported.
They said they expect the trough to be followed by a swift recovery if consumer spending kicks in with an assist by heavy federal spending.
Professor Dennis Hoffman said there’ll be “some startling numbers” in the meantime, including state unemployment rates above 15%.
But Hoffman and fellow economics professor Lee McPheters said the