Coronavirus Could Cost New York State $243 Billion

Coronavirus is expected to crush New York’s economy for years to come, according to a new report from the state’s budget office predicting a whopping $243 billion loss from the pandemic.

The sum is equal to 14 percent of the state’s gross domestic product — and its loss is likely to usher in a wave of deep spending cuts, officials said.

Without federal assistance, the recession caused by COVID-19 will be worse and the recovery longer than the 2008 financial crisis and the economic impact of the Sept. 11 terror attacks, according to the state.

Read more at THE NY POST.

{Matzav.com}