By Corina Vanek and Greg Barr
The speed and intensity of the economic effects of coronavirus are unlikely to mirror a recession, but could lead to many Valley residents losing hourly work and some industries taking a large financial hit, according to several experts who track the Arizona economy.
“This is different than if we started to see breakdowns in the fundamentals of the economy,” said Jim Rounds, president of Tempe-based Rounds Consulting. “This is more of a shock, it’s taking the pain of the next recession and moving it forward.”
Rounds said panic regarding the coronavirus likely will lead to issues with public budgeting in upcoming years, because the shock came toward the end of a fiscal year with otherwise very strong growth.
