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Economic recession, a threat to America

4 Jul 2022 - 11:48

The former US Treasury Secretary called the recession a threat to the country's economy.

Afghan Voice Agency (AVA), Lawrence Summers, and the former Secretary of the US Treasury, said: Economic recession threatens America.
In an interview with Bloomberg TV, Summers said: the risk of recession in 2022 is very high. This risk has increased compared to the last six weeks.
Referring to the negative performance of banks in America, Summers said: "We are witnessing a decline in gross national growth." Many economic experts predict that we have seen a decline in gross national growth in the second quarter. A decline in gross national growth for the second consecutive year this year means an economic recession.
The former US Treasury Secretary also stated that the economic recession in 2022 has greatly increased. Reports from retail and semiconductor manufacturing companies show that demand has slowed. This issue causes a decrease in production. These are signs of economic stagnation.
It should be noted that the consequences of the Corona epidemic, as well as the war in Ukraine and problems related to the supply of grain and Russian sanctions, have caused unprecedented inflation in the American economy.
Economic experts believe that America is entering an economic recession. Meanwhile, the Democrats who control the White House and Congress are worried that the economic problems will cause the Republicans to come back to power.

Story Code: 255219

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