The US is already in a recession, dozens of economists say

The economists predict a sharp, short recession for the first half of 2020 as the coronavirus pandemic "severely restricts economic activity," according to the survey from the National Association for Business Economics.

Economic growth likely fell at a rate of 2.4 percent in the first quarter and will decline a staggering 26.5 percent in the second quarter, the NABE predicted.

The US labour market will also take a major hit as the coronavirus outbreak shutters businesses. The NABE says the unemployment rate is expected to spike to 12 percent by midyear, while the US may lose 4.58 million jobs in the second quarter.

That job loss will drag on spending, a major driver of the US economy. Consumer spending accounts for roughly 70 percent of economic growth.

But economists are also optimistic the economy will bounce back: They predict it will be growing at a rate of nearly 6 percent by the end of the year.

“The median forecast suggests conditions will improve by the end of the year with support from aggressive fiscal and monetary stimulus," said NABE President Constance Hunter.