Speaking to reporters on Monday at a White House briefing on rising cases of coronavirus cases in the US, President Donald Trump said that the country "may be" headed toward a recession.
States across the US prepare for lockdown with the closure of shops and venues after at least 69 reported deaths and over 3,500 cases in the country.
Trump said that his administration is focused on stemming the virus and that the "market will take care of itself." He added that once the virus threat is eliminated the US economy will see a "tremendous, tremendous surge."
Technically, an economy enters recession after at least two consecutive quarters of contraction in GDP (gross domestic product).
The US stocks saw a sharp decline on Monday with Dow Jones Industrial Average closing almost 3,000 points or 12.9 percent lower at 20,188.52 after the Federal Reserve made an emergency rate cut reducing it to practically zero percent.