A new study found that many companies will take more than usual risk reducing behaviors in the future. This activity will be because of perceived increase in the likelihood another pandemic or large scale negative shock in the future. The COVID pandemic has made us realize that life is unpredictable and less controllable than we like to think. The scariest part might be the following numbers and findings:
"The paper says the decrease in the U.S. gross domestic product (GDP) this year could be 10 times the projected 6 percent to 9 percent drop. Economic output over 70 years could drop by 57 percent to 90 percent of a year’s worth of GDP before the pandemic began. "
This is shocking and not optimism inducing. We construction pros are usually optimistically pessimistic about our ability to build great projects and build a better world but the overall economic forecast extends far beyond our control and might make this all but impossible to do.
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