KC Mathews, chief investment officer of UMB Bank, revised his economic forecast for the year, anticipating a technical recession — two quarters of negative growth. Mathews expects 0.8% GDP growth in the first quarter, -2.4% in the second quarter, -0.4% in the third quarter and 1.8% growth in the fourth quarter.
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Consumers hunkering down to shelter from the coronavirus spread have economists who were fairly optimistic two months ago starting to use the "R" word - recession. Panic selling caused the S&P 500 to plummet 26.7% in the past 22 days and is being combined with a simultaneous crisis in the oil and gas markets as supply starts far outstripping demand.