Question

I believe the US economy will/will not grow more rapidly in the next three years than the last three years, discuss.

Answer 1

Ans- In this question i believe that U.S economy will not grow rapidly in the next three years than the last three years due to some reasons. One of them is the coronavirus pandemic. As we know that this pandemic has a huge effect on all the countries of the world, especially U.S and india which is on 1 and 2 position in the cases of COVID-19. Deaths in U.S has also surpassed 2 lakh people. In the initial days of the pandemic the U.S government announced lockdown due to which Production gone very low. Industrial sectors were not allowed to even start production in the time period of 2-3 months. This marked a huge loss to economy and the GDP of the U.S. So may be two or three years are required to set up the same growth as growth was before the pandemic.This is a crisis like no other, and there is substantial uncertainty about its impact on people’s lives and livelihoods. A lot depends on the epidemiology of the virus, the effectiveness of containment measures, and the development of therapeutics and vaccines, all of which are hard to predict. In addition, many countries now face multiple crises—a health crisis, a financial crisis, and a collapse in commodity prices, which interact in complex ways. Policymakers are providing unprecedented support to households, firms, and financial markets, and, while this is crucial for a strong recovery, there is considerable uncertainty about what the economic landscape will look like when we emerge from this lockdown.