As the US economy is crippled by COVID-19, economists warn the possibility of a depression can't be ruled out.
There's more evidence the US economy is in a deep recession because of government lockdowns and business shutdowns to contain the spread of the coronavirus.The decrease in sales over just one month was almost equal to the 16-month decline during the global financial crisis
The $US46.2 billion decrease in sales over just one month was almost equal to the $US49.1 billion peak-to-trough decline that unfolded over 16 months during the global financial crisis from 2008 to 2009. In addition, the US central bank, the Federal Reserve, said in its"Beige Book" report for April,"economic activity contracted sharply and abruptly across all regions in the United States as a result of the COVID-19 pandemic".The International Monetary Fund sees the US economy shrinking by 5.9 per cent in 2020 and has predicted the worst year for the world economy since the Great Depression nearly a century ago.
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