Bank of America now expects that US gross domestic product will contract for three quarters, with a cumulative decline of 10.4%, according to a Thursday note.
The bank also foresees as many as 20 million jobs could be lost due to the crisis, sending the unemployment rate to a high of 15.6%.
"This will be the deepest recession on record, nearly five times more severe than the post-war average," wrote Bank of America economist Michelle Meyer.
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