US economy going down at the fastest rate since 2008
The United States is, of course, the world’s largest economy and Today in the first three months of this year. it shrank at an annual rate of 4.8%. The country has introduced lockdown measures to slow the spread of coronavirus which has killed more than 58,000 people. there and as the economy has suffered the sharpest drop since the financial crisis more. then a decade ago it ends the longest expansion.
In US history as coronavirus virtually shut down the country. but the figures don’t actually reflect the full extent of this crisis. since the country did not begin its lockdown measures until March,
So as The Economist Mohamed el-erian points out on Twitter the next quarter could see the US economy contracted by as much as 40 percent, well here what this will mean it’s a battle against global depression and what today’s number tells you is two things one is the urgency of containing the damage. so that short-term hits don’t become long-term hits and that’s and the second issue it tells you is that we’ve got to build a runway for medical advances to be able to sort out this. Federal Reserve’s has said that they will be keeping interest rates between is naught and point to five percent.
Former Treasury Secretary Larry Summers says:
That containing the coronavirus outbreak is still America’s primary concern we do know that economic downturns cast a substantial shadow forward and the people who are going to be the victims of this in many cases are the people who are coming out of school into a very weak economy and studies show that people who come out of school during very difficult times.
The impact of that is there 20 years later on their wages and the quality of the jobs they have so it’s a very big deal to do what we can, everything we can to support the economy through this period. but we need to remember that it all starts with the virus. we people are terrified to work with others or terrified to go into a store you can do whatever.
Author: Amar Rasheed
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