The economic hit from COVID-19 will be felt 'for a long time' even if a vaccine is ready in 2020, a top economist warned

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• The economic hit from the pandemic will last "for a long time" even in countries that managed to contain the virus, according to economist Raghuram Rajan.
• The long-lasting impact is inescapable even if several promising vaccine candidates are approved and rolled out as early as the fourth quarter of this year, he told CNBC on Wednesday.
• "You have to vaccinate a lot of people. So, the earliest people are going to feel safe going into crowded restaurants is probably going to be by the middle of next year."
• The pandemic has so far infected over 15 million people in the world and seen over 615,000 fatalities. 
• Visit Business Insider's homepage for more stories.

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Top economist Raghuram Rajan has warned that the brutal economic impact from COVID-19 will be felt "for a long time" despite the arrival of an approved vaccine.

"I think the hit is going to be with us for a long time," the former Indian central bank governor and IMF chief economist said on CNBC's "Street Signs Asia" on Wednesday.

See the rest of the story at Business Insider

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See Also:

• US weekly jobless claims hit 1.3 million, slightly exceeding economist forecasts
• US economic activity improved slightly through early July but remained well below pre-crisis levels, according to Fed's Beige Book
• Global consumer confidence posted a record plunge in the 2nd quarter as the coronavirus pandemic slammed job prospects, finances

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