US five years behind in terms of economic growth, expected to return to track in third quarter

US Finance Minister Steven Mnuchin hoped the US economy would be back on track in the third quarter of the current year. He said that America is busy dealing with the Coronavirus and the economy affected by it is slowly moving towards reform. So far, more than 46 lakh cases of COVID-19 have been reported in the US while more than one and a half lakh people have died due to infection. The US has suffered the biggest economic decline of its modern history because of the COVID-19. Because of this, America has gone five years behind in terms of economic growth.

 

The US economy recorded a 32.9 per cent year-on-year decline between April and June. Mnuchin said, 'Coronavirus has badly affected our economy and there is no fault of anyone in it. The virus came from China and they should have been warned about it first. US President Donald Trump's government has been constantly accusing China of not alerting the world about the virus. However, China continues to deny these allegations. Mnuchin said, 'As I said earlier, the second quarter is going to be very bad. We have not seen any such incident in our history when the entire American economy was shut down. It is like closing a water tap. Hence the country's GDP remains down. '

 

He said that the government has reopened the tap water (economy). The economy is running safely again in many areas of the country. Right now some part of it cannot be opened. He believes that the economy will be back on track vigorously in the current quarter, and the government is moving forward on the right policies.