“At this point, we estimate US corporate revenue across public and private businesses will decline by roughly $4 trillion. That is a very dangerous decline, and, if not mitigated, it will lead to a long-lasting ripple. Since this hit to revenues is happening throughout the world, the total hole globally will be roughly three times that—about $12 trillion,” the report said.

According to Bridgewater Associates, US energy, travel and leisure companies will lose some $2 trillion over the spread of the coronavirus.

“Based on triangulating across a range of perspectives, if this hit to spending flows through, we estimate year-on-year growth would come in at a decline of over 6% in 2020,” the report added.

The World Health Organization declared the COVID-19 outbreak a pandemic on March 11. More than 275,000 people have been infected with the coronavirus worldwide, with over 11,300 fatalities, according to John Hopkins University. The same university says that the number of confirmed cases in the United States has reached 19,624 with 260 fatalities.