Former Fed head Yellen: Impossible to know how deep recession will be

While the coronavirus outbreak has caused a rapid and sharp downturn in the economic activity, it is impossible to predict how deep the recession would be, former US Federal Reserve Chairwoman Janet Yellen said on Monday, according to Xinhua News and Reuters News. 

Key quotes

The downturn has been rapid and sharp and it's different than any we've ever experienced in America.

Every indication so far suggests there will be a huge plunge in output in the second quarter.

Frankly, it's impossible to know at this point how deep the recession will be. It depends critically on how long the period of social distancing lasts.

The best-case scenario would be a V-shaped recession, but if containment measures lead to more layoffs and bankruptcies, a prolonged recession could be seen.