America’s economy, hit hard by the coronavirus pandemic, is probably going to recover within the third and fourth quarter and goes to possess an excellent 2021, US Treasury Secretary Steven Mnuchin said on Sunday.
WASHINGTON: America’s economy, hit hard by the coronavirus pandemic, is probably going to recover within the third and fourth quarter and goes to possess an excellent 2021, US Treasury Secretary Steven Mnuchin said on Sunday. As a results of the coronavirus pandemic that has claimed nearly 80,000 American lives within the last two months and infected over thirteen lakh others, the US economy has come to a standstill.
“This is not any fault of yank business. this is often not fault of yank workers. this is often a results of an epidemic . and that is why the president and that i were determined to place together the most important economic program ever to assist American workers get through this,” Mnuchin told Fox News.
More than 33 million Americans have lost their job within the last two months. the whole travel and tourism industry has collapsed. Manufacturing has come to a standstill and offices have closed down. The percentage is at an all time high, worse than the good Depression of the 1930s.
“The reported numbers are likely to urge worse before they recover , but that’s why we’re focused on rebuilding this economy. We’ll have a far better third quarter. We’ll have a far better fourth quarter. And next year goes to be an excellent year,” Mnuchin said in response to an issue .
At an equivalent time, Mnuchin said that the economic numbers aren’t rosy. “What I’ve said is you are going to possess a really , very bad second quarter then i feel you are going to ascertain a recover from a coffee standpoint. None of the economic models have ever worked in predicting what happens once you close thanks to medical reasons,” he said.
Mnuchin said that his predictions are based upon what he sees is that the rate of reopening during a careful way.
“It’s also based upon my views and i have personally heard from many of the doctors that have vaccines in trials and their expectations of having the ability to urge a vaccine by the top of this year and having real viral treatments. of these things are getting to assist in giving American business and American workers the arrogance to reopen during a careful and a deliberate way,” he said.
Mnuchin said, “If we do that carefully, i do not think there’s a substantial risk. Businesses are going to be ready to reopen. this is often all being monitored very carefully.”
A lot of companies can do telework. nobody has got to come into the office at an equivalent time. But people are going to be ready to enter stores, a number of them will have reservations once they enter , but businesses are going to be ready to reopen, he said. “Certain parts of the country had very devastating impacts, like ny , and certain parts of the country didn’t. And this is often all being monitored very, very carefully,” he added.