Bank of America has warned investors that the recession caused by the coronavirus can no longer be avoided, CNBC reported.

“We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

The outbreak of coronavirus has already led to a decline in global markets. The S&P 500 and Dow Jones Industrial Average are trading in the bear market and are now 30% below their record highs compared to last month.

Meyer said it would only get worse. In April there will be a fall, followed by a “very slow return to growth thereafter with the economy feeling somewhat more normal by July.”

“Although the decline is severe, we believe it will be fairly short lived,” Meyer added.

As the economy continues to face uncharted territory, Meyer said “salvation” will come from aggressive action.