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Companies across America have been taking steps to address the coronavirus pandemic this week, with many such as AT&T and JP Morgan activating home work policies.

But the long-term economic impact of the shuttering of America will take weeks if not longer to assess.

Michael Pearce, senior US economist at Capital Economics, said the escalating response to the crisis from the US government, closing schools, banning large gatherings, will take a “sharp toll on the economy”.

Capital Economics has cut its US growth forecast for 2020 to just 0.6%, down from 1.8%.

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