US economy may be heading toward recession: Trump

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Washington: US President Donald Trump said that America could be coping with the novel coronavirus until July or August and the country’s economy “maybe” heading towards a recession.

“Well, it may be,” Trump said in a press conference at the White House on Monday while responding to a question about whether the country’s economy is heading toward a recession, reports Xinhua news agency.

However, Trump predicted growth would bounce back strongly.

“We’re not thinking in terms of recession. We’re thinking in terms of the virus,” he said.

“Once we stop, I think there’s a tremendous pent-up demand both in terms of the stock market, in terms of the economy.”

Trump also released guidelines that called for people to avoid gathering of 50 people or more across the nation for the next eight weeks and to steer clear of eating and drinking at bars, restaurants and food courts.

The guidelines revolve around six pillars: Listen to and follow the directions of your state and local authorities. If you feel sick, stay home. Do not go to work. Contact your medical provider. If your children are sick, keep them at home. Contact your medical provider. If someone in your household has tested positive for the coronavirus, keep the entire household at home. If you are an older American, stay home and away from other people. If you are a person with a serious underlying health condition such as a significant heart or lung disease-stay home and away from other people.

“We have an invisible enemy,” he said. “This is a bad one. This is a very bad one.”

The Dow Jones industrial average on Monday collapsed 2,999 points, or 12.9 percent, to close at 20,188.52.

It is the Dow’s second-worst percentage loss in history behind the “Black Monday” crash in 1987.

The number of infections in the US climbed to nearly 4,000 with more than 65 people dying of the disease.

March 17 (IANS)

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