Monday saw global markets plummet and oil prices fall heavily, as fears around Coronavirus fuel the prospect of a global recession.
Analysts are now warning that if the economy is severely affected by the global outbreak of Corvid-19 it could harm Trump’s re-election bid.
“President Trump’s re-election likely hinges on the economy — a medical and/or economic shock from COVID-19 are arguably the biggest threats to his re-election,” Raymond James analysts said in a note on Sunday, referring to the virus’s official name.
“To preserve the economy and prevent a further market sell-off, it is in the best interest of President Trump to aggressively push for a large-scale fiscal response,” they wrote.
“If we go into recession, history speaks for itself. No sitting president has ever been re-elected in a recession,” said Peter Cardillo, chief market economist for Spartan Capital Securities.
Read More: Newsmax