Fallout from the coronavirus (COVID-19) pandemic will shrink the size of the U.S. economy by roughly $8 trillion over the next decade, according to new projections released by the Congressional Budget Office (CBO) on Monday.

In a letter to U.S. lawmakers, the CBO said the U.S. economy will grow by $7.9 trillion less from 2020 to 2030 than it had projected in January. That amounts to a 3 percent decline in U.S. gross domestic product compared to its initial estimate.