Watch the full interview with Bridgewater's Ray Dalio on the pandemic's hit to the economy

Ray Dalio, Bridgewater Associates Founder, President & CIO.
Anjali Sundaram | CNBC

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Bridgewater Associates founder and chairman Ray Dalio said on "Squawk Box" that the global economy could take a $12 trillion hit from the coronavirus pandemic, including $4 trillion in losses for United States companies.

Dalio said that the fiscal help from the U.S. government also needs to be in the trillions, saying, "a lot of people are going to go broke," and that his hedge fund has lost between 10% and 20%.