Minneapolis Fed President Kashkari Comments on Coronavirus’s Economic Impact
According to Minneapolis Fed President, Neel Kashkari, economic recovery in the US after the coronavirus pandemic could be a long and difficult process. Kashkari made these comments during a recent interview with CBS, where he cautioned that a speedy recovery seems unlikely until a reliable treatment for coronavirus is unveiled in the near future.
Kashkari remarked, “This could be a long, hard road that we have ahead of us until we get to either an effective therapy or a vaccine. It’s hard for me to see a V-shaped recovery under that scenario.”
Several economists have so far forecast a V-shaped recovery taking place, most likely during H2 2020, once the pandemic is brought under control. However, with the number of infections and death toll continuing to climb higher and the shutdowns impacting more sectors the US and global economy with each passing day, hopes are fading for a quick turnaround from the situation.
While US President Donald Trump has repeatedly signaled his interest in restarting economic activity soon, public health experts have warned that a sudden easing of restrictions could send the death toll soaring to 200,000 by summer. Kashkari also highlighted the need for more fiscal support for small businesses, over and above the current level of $350 billion, which he remains hopeful that the Congress will soon approve.
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