US Treasury Secretary: The US economy is at low risk of recession
People walking on the streets of New York, USA. (Photo: AP)
That is the statement that has just been made by US Treasury Secretary Janet Yellen within the framework of the G7 industrialized countries meeting.
Yellen also said she is proposing to President Joe Biden to remove some import taxes with China, to help cool down the high prices of goods that are hurting consumers.
Although there is little risk of recession, inflation and monetary tightening measures of the US Federal Reserve (FED) are still considered as big challenges for the economy. economy number 1 in the world in the near future.
US Treasury Secretary Janet Yellen. (Photo: Bloomberg)
The Federal Reserve (FED) has raised interest rates to deal with inflation, bringing prices under control. In the last policy meeting in early May, the Fed decided to raise interest rates by 50 basis points. This is an adjustment to raise interest rates with an unusually high margin, which many people fear may slow down growth and push the US economy into recession (two consecutive quarters of negative growth).
However, when announcing the decision to raise interest rates, Fed Chairman Jerome Powell affirmed that the US economic foundation is still solid and there is no sign that the economy is approaching or in danger of falling into a recession. .
According to a new United Nations report, the US economy will grow only 2.6% this year and 1.8% in 2023, a sharp drop from the forecast at the beginning of the year.
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