COVID-19 and California’s Evolving Fiscal Outlook

Mar 18, 2020 - Aided by monetary and (federal) fiscal stimulus, broad-based demand would rebound, contributing to a V ‑shaped recovery, in which activity recovers nearly as quickly as it fell. In a more pessimistic scenario, economic activity would remain depressed for longer, compounded by dislocated supply chains and reduced lending caused by elevated risk aversion in credit markets.
https://lao.ca.gov/Publications/Report/4203