Although more than 10 million Americans have applied for unemployment over the last two weeks, the situation is likely going to get a lot worse. Bank of America's research team recently released a new report that suggests as many as 20 million jobs could be lost because of the coronavirus pandemic, sending unemployment past 15%. In addition, the research team now thinks U.S. GDP could contract for three straight quarters, resulting in a total decline of 10.4%. Just a few months ago, unemployment in the U.S. was below 4% and the Bank of America research team was projecting U.S. GDP growth of about 2% for the year. Image Source: Getty "This will be the deepest recession on record, nearly five times more severe than the post-war average," Bank of America economist Michelle Meyer wrote in a research note, adding that while consumer spending should improve in the third quarter, "we expect further contraction in business and residential investment." Bank of America said it expects first-quarter GDP to shrink by 7% and second quarter GDP to decline by 30%, followed by a rebound in the third quarter of only -1%. "The pain is unlikely to subside quickly as many states have reported major backlogs of [unemployment] applications," Meyer wrote. The $2 trillion stimulus bill recently passed by Congress to help stomach some of the economic blow caused by social distancing could be the first of several measures taken by the federal government. Meyer said other aid packages may include additional tax rebates, expansion of unemployment benefits, and more funding for small businesses. "Beyond that, other stimulative measures such as a payroll tax cut or a major infrastructure bill could be needed to resuscitate the economy," she added. 10 stocks we like better than WalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks Stock Advisor returns as of 2/1/20Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source