As the pandemic spreads in the US, the country’s economy is likely to face its worst crisis since the Great Depression.
It is the world’s largest economy and has enjoyed record growth – but it is collapsing.
The economy of the United States could be facing its worst recession in decades, triggered by COVID-19-related measures.
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It shrank by almost 5 percent in the first quarter of this year – the biggest slide since the 2008 financial crisis.
Millions of US citizens have lost their jobs and consumer spending has seen its biggest decline in 40 years.
As many businesses are going bankrupt, the US has pumped more than $2 trillion into the economy in the past six weeks.
But many economists say this is not enough, and worse is yet to come.
President Donald Trump says things will bounce back once the virus is contained.
But the spillover is expected to inflict long-term damage in the US and around the world.
So, what can be done to reverse the crash?
Presenter: Mohammed Jamjoom
Gregg Swenson – Partner at investment banking firm Brigg Macadam
Robert Scott – Senior international economist at the Economic Policy Institute
Jeff Hauser – Executive director at the Revolving Door Project at the Center for Economic and Policy Research