THE coronavirus is a bigger risk to the U.S. economy than a prolonged dispute over the presidential election result, according to a RECENT poll that showed the near-term economic recovery was slowing more than previously thought.

With around 11 million COVID-19 cases, the United States is by far the hardest-hit country and while a potential vaccine provides some optimism the outlook remains uncertain, the Nov. 10-16 poll of over 100 economists found.

The recent progress toward COVID-19 vaccines pushed Wall Street shares to a record closing high, despite a surge in new cases.

Over 90 percent of economists, or 53 of 57, said elevated coronavirus cases were the bigger risk to the economy for the remainder of this year rather than further uncertainty surrounding when the election results will be made official.

Asked if their forecasts were based on recent progress of a COVID-19 vaccine, 57 economists who responded to a separate question were almost evenly split, suggesting the tonic for Wall Street sentiment is not yet seen as a full public health and economic turning point. With no prospect for swift new spending support from Congress, the economy, now adrift, may weaken again.

It’s been whiplash for the U.S. economy this year, plunging into the deepest contraction in at least seven decades of 31.4 percent in the second quarter to the fastest-ever expected growth of 33.1 percent last quarter.(SD-Agencies)