The US Economy Will Recover Slowly

The US Economy Will Recover Slowly

The US economy will recover slowly, according to a statement from the US, New York-based international credit rating agency Standard & Poor's (S&P). Expressing that the contraction in the US economy started rapidly, S&P said that it could end fast in the same way, but the economic recovery would be slow. The USA started to stretch the measures it took against the coronavirus outbreak in order to normalize its economic activities and markets. In a statement made by S&P, it was reported that the country's economy would take a long time to return to the old despite this attitude of the USA. In a statement, the recession in the country's economy began in May, it was noted that it would take 2 years for the gross domestic product of the USA to return to the end of 2019. It is stated that the unemployment rate will remain at high levels and the expenditures will continue to decrease during the recovery process. In the statement, it is stated that if the coronavirus epidemic is feared and the second wave is experienced, the recovery will start in the third quarter of 2020. The statement, which included many evaluations and forecasts, reported that the US economy is expected to contract by 5 percent in 2020 and 5.2 percent in 2021. Continuing its statistical evaluations, S&P said the outbreak would result in $ 3 trillion damage in the Asia-Pacific economies. Stating that they expect a 1.3 percent contraction in 2020 in the Asia-Pacific economy, S&P stated that there will be a 6.9 percent growth in 2021.