The global economy is apparently going down rapidly, but if we go by the fresh news coming from the US, the worst days are still to come. As per a report published by Bloomberg, James Bullard, chief of the Federal Reserve Bank of St. Louis, has predicted that the unemployment rate in the United States could hit a whopping 30%, as we could witness a 50% drop in the domestic GDP.
In the awake of Coronavirus, several countries in the world have gone under lockdown, which disrupted global trade. The effects are slowly becoming more and more acute, and as time passes by, the impact of COVID-19 rippled with the already falling economy will definitely inflict long-lasting wounds. Morgan Creek Digital co-founder and partner, Anthony Pompliano, tweeted on Monday responding to the news that the current situation could be much worse than the Great Depression (of the 1930s).
Fed’s Bullard is saying that we could see 30% unemployment & 50% drop in GDP in next 90 days.
This would be worse than the Great Depression.
— Pomp ? (@APompliano) March 22, 2020
In another tweet, urging to the elected officials to take appropriate measures, Pompliano said,
“The fate of many American businesses and the short-term economic prosperity of our country currently sits in the hands of elected officials who are playing partisan politics. Both sides should knock it off and get the job done for the citizens that elected them.”