International credit rating agency Standard&Poor’s (S & P) said the recession in the U.S. economy could end as fast as it started, but added that the economic recovery could be slow.
S & P said that measures against a new type of coronavirus (Kovid-19) outbreak have begun to be loosened to normalize economic activity across the US, but that the country’s economy has a long way to go before the outbreak.
“The bad news is that the recovery will be slow,” he said, adding that the U.S. economy may have bottomed out in May and could end as fast as the recession began.”his assessment was made.
The statement indicated that the country’s gross domestic product could return to its end-2019 level by about 2 years, indicating that the unemployment rate remains at high levels, consumer spending has declined and job demand has shown a slow recovery.
In the event of the second wave of the outbreak, recovery is expected to start in the third quarter of this year, the statement said, the country’s economy contracted by 5 percent this year, and 5.2 percent growth in 2021 is expected.
On the other hand, another statement from S&P said the Kovid-19 outbreak would cause a $ 3 trillion loss in Asia-Pacific economies. The Asia-Pacific economy is expected to contract by 1.3 per cent this year and to grow by 6.9 per cent in 2021, the statement said.