The economic damage from the Covid-19 outbreak will be unprecedented, according to the head of one of the world’s largest hedge funds Ray Dalio, who says global corporate losses from the epidemic will amount to $12 trillion. “What’s happening has not happened in our lifetime before ... What we have is a crisis,” Dalio told CNBC. “There will also be individuals who have very big losses... There’s a need for the government to spend more money, a lot more money... A lot of people are going to be broke.” Talking about US corporations he said they will lose as much as $4 trillion. The founder of Bridgewater Associates explained that the US
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