The USA economy has seen the biggest decline since 1947 due to the corona virus. USA economy economy has seen a decline of about 33%. Earlier in the last month, the USa economy had seen a decline of up to 5%.
The biggest decline in USA economy since 1947
The US government says that after 1947, the biggest decline has been seen in the United States economy. And the economy has recorded a decline of up to 33%. In this way, the growth in the USA economy was recorded for the last 11 years. But now he is braking it.
Earlier in 1957, the USa economy was badly affected. At that time, the USa economy saw a decline of about 10%. But even 3 times more than that.
This decline in the US economy may also have an impact on this year’s presidential election in the USa. This can cause much damage to Donald Trump.
Decrease in consumer demand
The biggest reason for the decline in the USa economy is the decrease in consumer demand. For the US government, the biggest reason for the decline in the economy has been the decrease in consumer demand. Corona virus has seen almost a third reduction in food demands. Food demand contributes to about 70% of the USa economy. Thus, the reduction in food demands has a direct impact on the USa economy.
Along with food items, the service sector, the real state motor vehicle industry and other heavy industries also remained closed during this period. This has had an impact on the American economy. USa economists believe that the USa economy started shrinking in the month of February. The corona virus epidemic increased it further.
Huge drop in jobs
However, after the Corona virus, the USa economy was reopened. Despite that, the job is not generating that much. As it should have been.
This month about 1000000 people in the US have applied for unemployment allowance. Which is given by the USa government to the unemployed. However, the opening of the economy has resumed operations in the USa. But in the coming time, due to worsening conditions of coronavirus, the economy may get worse.
USA is feeling the biggest unemployment problem in the history of America. Currently, the unemployment rate in the USa has reached above 14%. To get rid of this unemployment problem, USA has decided to change its immigration policy. Now those who want to apply for employment in USA, their applications are not being accepted. The USa administration has banned it.
The same people who are already working in USA are also being taken out. So that the people of USA can be given employment. However, how effective this step of Donald Trump administration proves. It will be interesting to see. Let us tell you for information that people from outside also have a big contribution in the USa economy. On the other hand, if the Indians present there are evicted from work, then it can have a bad effect in the Indian corner. Let us know for the information that, due to the corona virus epidemic, the country around the world is struggling with the problem of unemployment.
The economy got a relief from the 3 trillion dollar relief package
USA economists believe that the 3 trillion package given by the Donald Trump administration has managed to save the USa economy. If this relief package were not given, the condition of the USa economy could have worsened.
For the information, let us know that the largest package in USA history was given by the Donald Trump administration. Which was about 3 trillion dollars.
Earlier in 1929, the biggest mahamandi came in USA. The Mahamandi came due to the sinking of the Lemon Brothers Bank. And this great depression had engulfed the whole world. Due to this, there was a huge problem of unemployment worldwide. Then the economy was raised again in some way by giving small relief allowance to the people.