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Robert Kaplan Says U.S. Economy’s Recovery May Depend on Success in Limiting Spread of COVID-19



A Woman with Personal Protective Equipment Parking a Citi Bike | Robert Kaplan Says U.S. Economy’s Recovery May Depend on Success in Limiting Spread of COVID-19 | Featured

The U.S. economy’s recovery from the COVID-19 pandemic may depend on the nation’s success in limiting the spread of the disease. This is according to Dallas Federal Reserve President Robert Kaplan.

“If people wear masks widely, if we have extensive testing and contact tracing, if businesses and us as individuals follow good procedure, we’re going to grow faster,” Kaplan said during a virtual discussion hosted by the Money Marketeers of New York University.

Every state has begun the process of phased reopening. However, fears of “a resurgence in COVID-19 has sent stocks tumbling in recent days,” as per Fox Business. The U.S. surpassed 2 million COVID-19 cases last week.

States such as Florida and Texas saw COVID-19 cases hit a new peak this weekend.

Gross domestic product “will plunge by up to 40 percent in the second quarter of the year,” Kaplan predicted. Nonetheless, he said it should start recovering in the second half of the year.

“I think what you point out is the health care response at this point is as important as fiscal or monetary policy,” he said. “And in particular, it's critical, based on my conversations with epidemiologists, that people widely wear masks, that we have good testing and contact tracing.”

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