US economy may be heading toward recession: Trump


Washington, March 17 (IANS): US President Donald Trump said that America could be coping with the novel coronavirus until July or August and the country's economy "may be" heading towards a recession.

"Well, it may be," Trump said in a press conference at the White House on Monday while responding to a question about whether the country's economy is heading toward a recession, reports Xinhua news agency.

However, Trump predicted growth would bounce back strongly.

"We're not thinking in terms of recession. We're thinking in terms of the virus," he said.

"Once we stop, I think there's a tremendous pent-up demand both in terms of the stock market, in terms of the economy."

Trump also released guidelines that called for people to avoid gathering of 50 people or more across the nation for the next eight weeks and to steer clear of eating and drinking at bars, restaurants and food courts.

The guidelines revolve around six pillars: Listen to and follow the directions of your state and local authorities. If you feel sick, stay home. Do not go to work. Contact your medical provider. If your children are sick, keep them at home. Contact your medical provider. If someone in your household has tested positive for the coronavirus, keep the entire household at home. If you are an older American, stay home and away from other people. If you are a person with a serious underlying health condition-such as a significant heart or lung disease-stay home and away from other people.

"We have an invisible enemy," he said. "This is a bad one. This is a very bad one."

The Dow Jones industrial average on Monday collapsed 2,999 points, or 12.9 per cent, to close at 20,188.52.

It is the Dow's second worst percentage loss in history behind the "Black Monday" crash in 1987.

The number of infections in the US climbed to nearly 4,000 with more than 65 people dying of the disease.

 

  

Top Stories

Comment on this article


Leave a Comment

Title: US economy may be heading toward recession: Trump



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.