WASHINGTON, July 18 — The dominant risk to the US economic recovery is a resurgence of Covid-19 cases that would force renewed business shutdowns, the International Monetary Fund warned yesterday. The US government will need to do more in coming months to provide support to households and boost...
International Monetary Fund logo seen inside the headquarters in Washington October 9, 2016. — Reuters pic
“Even with the unprecedented policy support being provided to the economy,” the US suffered a 37 per cent collapse in GDP in the second quarter, and the economy is expected to contract by 6.6 percent in 2020, the fund said, stressing the “tremendous uncertainties” surrounding the outlook. The Washington-based crisis lender said the recovery “will require a further round of fiscal measures in the coming months that boost demand, increase health preparedness, and support the most vulnerable.”
Treasury Secretary Steven Mnuchin said in testimony before Congress yesterday that the next round of support should go to industries that have been hardest hit by the crisis. Consumer confidence for the first half of July fell, eroding much of the gains in June, according to the closely-watched University of Michigan survey released yesterday.About 15 million US workers are jobless, and major airlines have announced tens of thousands of layoffs starting in October.
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