the U.S. Economy faces long-term challenges from rising unemployment and waves of bankruptcies of small businesses in a pandemic, despite the recent signs of recovery. About it today, speaking to the Senate banking Committee, said the head of the Federal reserve system (FRS) Jerome Powell.
In his words, “the longer the crisis lasts, the higher the likelihood that prolonged damage due to the constant loss of jobs and closure of business.”
While Powell expressed concern about the impact of the crisis on small business. He stressed that small and medium-sized enterprises are the “heart” of the American economy, informs “Finmarket”.
However, the head of the Federal reserve is confident that the measures of direct state aid “is not only to support households and business, but also to limit the lingering damage to the economy”.
Recall that the outbreak of pneumonia caused by a coronavirus infection (COVID-2019), was formally recorded in December 2019 in the Chinese city of Wuhan. March 11, 2020, the world health organization (who) officially recognized the situation with coronavirus pandemic. To date, cases of infection were recorded in almost 200 countries and regions of the world. In General, the number of infected COVID-2019 in the world exceeded 8 million people, died more than 436 thousand. The pandemic has had devastating effects on the world economy. Under the powerful kick hit many industries, including transport, tourism, hospitality, automotive, construction, retail, and entertainment.
we Add that the debt of the US Federal government to creditors for the first time in the history of the country exceeded $26 trillion, which is caused by the measures taken to overcome the consequences of the pandemic coronavirus infection COVID-19 had previously reported that the broadcaster CBS, referring to the Finance Ministry.
“the national debt exceeded $26 trillion. It increased by $1 trillion since may 5. Was $24 trillion on 7 April. From the moment as Donald trump headed the White house, the national debt grew by $6 trillion,” said the broadcaster.
June 10, Powell suggested at a press conference that the bottom of the economic crisis in the United States is passed. However, he admitted that the authorities will continue to provide business incentives to exit the crisis.
At the end of the June meeting, the us Central Bank expected kept its benchmark interest rate at 0-0,25% per annum.
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