The Economy was booming in 2006 and 2007 before the recession when unemployment rose and GDP...

The Economy was booming in 2006 and 2007 before the recession when unemployment rose and GDP fell. Where are we now? Like many things in economics, you can ask two economists and you will get two different answers on where the economy is. I want you to provide me with your opinion and back your opinion up with at least one resource.

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Expert Solution

Answer) Given statement that 2 economists will have different views on same situation is true as each has a different way to analyze,when I look at current situation and look back at 2008 crisis,I see a major difference which is uncertainty,in 2008,the problem was identified albeit late but there was fair idea regarding damage but today leave anything about accessing but concern is when we will come out of this pandemic and this uncertainty is weighing on economy ,with half of 2020 gone and still no end in sight,it is likely that economy will suffer in coming months or years and it will be a rebuilding process both as a society and as an individual, when we talk about resource for such outlook we have to look at jobless numbers,unemployment data,manufacturing numbers which are cheered up if they are not too bad,consistent predictions by economists along with IMF 's warnings regarding recession bigger than imagined is all aligning and pointing towards a dire situation, so road ahead will be tough but is not avoidable.

Answer is complete. Thank you!

Rahul Sunny answered 1 year ago

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