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The White House predicted that despite the sharp economic decline in the U.S. due to the coronavirus pandemic, there will be an equally sharp turnaround, comparing it to a V-shaped curve, but Mohamed El-Erian, chief economic adviser at Allianz, does not believe it will be that easy.

“The most likely scenario is a V-shaped curve, which means a decline in economic activities followed by a rapid recovery, with the total economic impact relatively contained,” People’s Bank of China deputy governor Chen Yulu predicted in a Financial Times op-ed.