Ed Hyman, a widely followed economist on Wall Street, said the coronavirus outbreak could end up causing a recession in the U.S. and slashed his U.S. GDP forecast to zero growth in the second and third quarters of this year

"More cases are showing up in the U.S. and seem likely to be just the start," the Evercore ISI Chairman said in his note titled, "U.S. Virus 'Recession'" on Sunday. "Scope, severity, and duration are uncertain. How much it changes behavior in the U.S. is uncertain."

A fall in GDP in two consecutive quarters typically defines a recession. The U.S. economy grew 2.1% in the fourth quarter last year and 2.3% for the full year 2019.

Hyman has been ranked the top economist in Institutional Investor's annual poll for more than three decades. His call is one of the most pessimistic on Wall Street as many only see a temporary slowdown.