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Recent market volatility is drawing an awful lot of comparisons to the Great Recession. But, according to a recent USA Today article, the damage caused by the coronavirus won't likely be as deep or long-lasting as in 2007-08.

financial crisis 544944 640smallGus Faucher, chief economist of PNC Financial Services Group, said a recession is not inevitable and that if there is one it is “likely to be brief and much less severe than the Great Recession."

One of the reasons for the difference is because the 2008 crisis was caused by significant underlying issues in the economy. The coronavirus outbreak, on the other hand, is an outside event that’s prompting the volatility. Some compare it to a “natural disaster.”

Once the outbreak is over, the economy’s major players should be poised for a comeback, according to the article.

For a deeper comparison between today and 2008, click here to read the full article from USA Today.

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