The IMF expects America's economy to shrink 6.6 percent
On Friday, the International Monetary Fund expected the US economy
to contract by 6.6 percent, due to the shock of the coronavirus pandemic.
In a statement, the fund
indicated that the size of the US economy is expected to grow by 3.9 percent in
2021.
He pointed out that the recovery of the country's economy needs a long time.
He explained that the most
important factor related to the seriousness of setting economic expectations is
the return of an increase in Coronavirus infections and the taking of
quarantine measures.
In addition to the pandemic,
the fund experts pointed to other risks facing the US economy, including
increasing levels of government debt and corporate debt significantly with the
possibility of low or perhaps negative inflation.
"There is gigantic haze surrounding the breadth of the Covid-19 economic shock," the fund said. "It will likely take an extended period to reform the economy and obtain activity back to pre-pandemic levels."
The US economy is the largest in
the world and accounts for about 24 percent of the global economy, according to
the value of gross domestic product.
The International fund last
month cut its forecast for global output again in 2020 and predicted a
contraction of 4.9 percent and a weaker-than-expected recovery in 2021.
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