Coca-Cola CEO expects a ‘U’-shaped recovery for the U.S. economy

Coca-Cola CEO James Quincey said on Wednesday he’s expecting a “extended U”-shaped recovery for the U.S. economy.

“The economic impact of the lockdown is just starting to begin,” Quincey told CNBC’s “Squawk Box.”

Quincey said he’s expecting a “U”- or “extended U”-shaped recovery rather than one shaped like a “V,” where the economy quickly snaps back to pre-coronavirus crisis activity.

Coca-Cola is still seeing declining demand in May, compared to a year ago. Restaurants, movie theatres, and other away-from-home occasions stood for half of its revenue before the crisis.