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coronavirus: US economy to bounce back soon, says Treasury Secretary

WASHINGTON: America’s economic system, hit exhausting by the coronavirus pandemic, is prone to bounce again within the third and fourth quarter and goes to have an excellent 2021, US Treasury Secretary Steven Mnuchin stated on Sunday. Because of the coronavirus pandemic that has claimed practically 80,000 American lives within the final two months and contaminated over 13 lakh others, the US economic system has come to a standstill.

“That is no fault of American enterprise. This isn’t fault of American staff. This can be a results of a virus. And that is why the president and I had been decided to place collectively the most important financial program ever to assist American staff get via this,” Mnuchin advised Fox Information.

Greater than 33 million Individuals have misplaced their job within the final two months. All the journey and tourism trade has collapsed. Manufacturing has come to a standstill and places of work have closed down. The unemployment fee is at an all time excessive, worse than the Nice Melancholy of the 1930s.

“The reported numbers are in all probability going to worsen earlier than they get higher, however that is why we’re targeted on rebuilding this economic system. We’ll have a greater third quarter. We’ll have a greater fourth quarter. And subsequent yr goes to be an excellent yr,” Mnuchin stated in response to a query.

On the similar time, Mnuchin stated that the financial numbers aren’t rosy. “What I’ve stated is you are going to have a really, very unhealthy second quarter after which I feel you are going to see a bounce again from a low standpoint. Not one of the financial fashions have ever labored in predicting what occurs while you shut down as a result of medical causes,” he stated.

Mnuchin stated that his predictions are primarily based upon what he sees is the speed of reopening in a cautious method.

“It is also primarily based upon my views and I’ve personally heard from lots of the docs which have vaccines in trials and their expectations of with the ability to get a vaccine by the tip of this yr and having actual viral remedies. All these items are going to assist in giving American enterprise and American staff the boldness to reopen in a cautious and a deliberate method,” he stated.

Mnuchin stated, “If we do that fastidiously, I do not assume there’s a appreciable danger. Companies will be capable to reopen. That is all being monitored very fastidiously.”

A whole lot of companies can do telework. Not all people has to return again into the workplace on the similar time. However folks will be capable to go into shops, a few of them can have reservations after they go in, however companies will be capable to reopen, he stated. “Sure components of the nation had very devastating impacts, like New York, and sure components of the nation did not. And that is all being monitored very, very fastidiously,” he added.

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