The chaos created by the Coronavirus has become uncontrollable on the global economy. There is a rapid collapse in the global economy. Almost all the countries are under lock down to curb the corona pandemic.
The widespread of coronavirus, particularly in the US, is becoming more and more disturbing. The pandemic has spread rapidly in the US increasing positive cases and record deaths.
America, has been struggling with the financial recession, but now this pandemic coronavirus has hit it the most. Federal Reserve Chairman Jerome H. Powell made key remarks on Thursday.
They are concerned that the country’s economy is falling at an alarming rate. The US economy is in a state of emergency due to a nationwide lockdown. However, Jerome Powell believes that the economy will recover faster after the end of the crisis.
In the last 24 hours, 2100 people have been affected by the pandemic. The death toll has reached 20 thousand. The seriousness of the situation can only be understood by the fact that those who died due to corona are mass buried in public parks. On the other hand, more than 17 million unemployed in the US have applied for jobs.
The economic slowdown, due to the lockdown has affected the small businesses more. The large companies have come forward to extend their support to more than $ 2 trillion.
The Fed chairman said that the Fed has recently announced a new package. The Fed understands that urgent measures should be initiated in these times of crisis which the country is currently facing.
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