The coronavirus pandemic has affected the internal structures of many countries. With rising unemployment and a decline in the profitability of businesses, the US economy was severely affected.
The Economic Club of New York had a virtual dialogue with President Trump to know about the current economic situation. According to the president, the US economy is recovering quite fast from the repercussions of a global pandemic.
President Trump further mentioned that he uplifted the economy rate by the aid of 2.5 trillion dollars. The country went through major economic crises and now it is getting better at a commendable pace.
A report released by the Labor Department mentioned that the nation’s economy was lowered by 31.4% and it badly affected the working sector. Now with the economic situation getting improved, it is expected for the economic recovery rate to be increased up to 35.2%.
The Organization for Economic Cooperation and Development submitted a comparative analysis of the US with other prominent western countries.
According to the analysis, the economic reduction of the US was 9%. However, the recorded economic reduction rate of France and Canada was 13.8% and 11.5%, respectively.
According to the report released by the Labor Department, the nation’s unemployment rate lowered from 8.4% to 7.9%. The economic situation has improved and more job opportunities are available now. The production of goods and services is also expected to get better in the following months.
The report further indicated the gradual improvement of the job sector by the inclusion of 1.9 million job opportunities until August. During the peak time of the global pandemic, the condition of the economic sector was ravaged with a loss of 22 million jobs.
According to the president, there is still minor leverage that can act as an obstacle in the economic recovery. The nation’s economic sector can go back to its worsening condition if the left-wing would acquire power. With the current economic situation, to keep the progress consistent, another aid might be needed in the future.
The president’s remarks came in opposition with the democratic pioneers. The laborers and business organizations are expecting consolation with better economic conditions.