The American economy will not recover soon

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Yesterday, the International Monetary Fund experts warned that the American economic output is expected to shrink by 6.6 percent this year due to the shock of the Corona pandemic, but that these expectations may be worse due to a new escalation in the rate of HIV infections and an ever-increasing increase. For poverty. After completing a review in accordance with Article 4 of the world’s largest economies, the fund experts pointed to other risks, including significantly increasing levels of government debt and corporate debt, with low or possibly negative inflation. “There is tremendous haze surrounding the breadth of the shock, as a benefit of 19 economists … It will likely take a longer period to reform the economy and restore activity to pre-pandemic levels,” the memo said.These estimates come at a time when the United States recorded, yesterday evening, 68,428 new cases of the “Corona” virus, within 24 hours, in a record daily toll in this country, according to Johns Hopkins University data. In the same period, 974 deaths were recorded in this country most affected by the virus, in terms of the number of infections increasing in the west and south of the country.
Meanwhile, the number of injuries in Brazil exceeded two million, while the death toll in India amounted to one million, making them the second and third affected countries in terms of the number of injuries after the United States.
In a related context, the leaders of the 27 member states of the European Union started in Brussels the first summit they attended personally, about five months ago, and it is crucial but very difficult to reach an understanding on an economic recovery plan worth 750 billion euros, which is not unanimous despite the historical recession that threatens the continent. . When he reached the summit, French President Emmanuel Macron stressed that it is a “real and ambitious moment for Europe”, while German Chancellor Angela Merkel recognized the difficulty of the negotiations.
This comes as the negative economic effects of the pandemic continue to appear in many European and non-European countries. With this in mind, British Airways has announced the suspension of its fleet of 747 Jumbo Jet fleet of 31 aircraft. “The Kingdom of Wonderful Air is unlikely to operate commercial services to British Airways again, due to the declining travel sector caused by the Covid 19 epidemic,” she said.
Also, the Hong Kong Airlines (Cathay Pacific) estimated its losses at $ 1.3 billion in the first half of the year due to the pandemic.
(Reuters, AP)





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