Which is the worst economic crisis ever
IMF expects worst economic crisis since Great Depression
The US Federal Reserve is launching a gigantic $ 2.3 trillion emergency program to combat the economic consequences of the coronavirus pandemic. The Federal Reserve (Fed) announced on Thursday in Washington that this should support the economy, especially companies and municipalities. Central bank chief Jerome Powell said the economic recovery must be "as strong as possible."
"The role of the Fed is to provide as much relief and stability as possible," Powell said. The Fed had already announced a huge loan program at the beginning of March. In addition, it has already lowered the key rate to zero.
In the coronavirus crisis, the number of unemployed in the USA rose massively again. In the past week, 6.6 million people registered as unemployed, such as the US Department of Labor announced. This means that almost 17 million people in the USA have lost their jobs within three weeks.
The number could be even higher: According to media reports, the authorities are completely overloaded in view of the large number of initial reports. Many unemployed people are therefore unable to submit their application.
Even in the best case only "partial recovery"
The economic consequences of the pandemic are devastating in the US and around the world: The virus has largely brought economic activity to a standstill in many industries. Numerous companies had to close at least temporarily.
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