Coca-Cola CEO James Quincey said Wednesday that lockdown policies meant to prevent the spread of the coronavirus are just beginning to have an impact on the global economy.

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

In the United States, unemployment ticked up to 14.7% in April, with the economy losing 20.5 million jobs. Both China and Japan, the two largest economies after the U.S., saw negative growth in the first quarter of the year. French President Emmanuel Macron and German Chancellor Angela Merkel unveiled a 500 billion euro ($549 billion) recovery fund earlier this week to boost European economies amid the crisis.

Quincy believes the global economy will likely undergo a slower “U”-shaped recovery rather than a “V”-shaped comeback, where the economy would rapidly bounce back to pre-crisis levels.

“We’re gonna have to recognize that coming after this virus crisis will be the economic impact and hangover of the lockdown, and there will be a much greater focus from the consumer on affordability or getting the prices lower,” he continued.

The coronavirus has weighed on the U.S. food supply chain, with grocery store prices spiking in April. Consumers may be hunting for lower-priced food products in a post-virus world.

The International Monetary Fund said in April that the global economy could decrease by 3% this year. The Judge Business School at the U.K.-based University of Cambridge has said the global economy could lose as much as $82 trillion over the next five years if the world enters a worst-case “economic depression” scenario.

Shares of Coca-Cola (KO) have dropped amid the coronavirus outbreak from around $60 on Feb. 21 to $37.56 on March 23. As of Wednesday at 11:55 a.m. ET, Coca-Cola stock was priced at $45.89.

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