ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2020-08-05  |  UPDATED: 1399/05/07 - 12:23:2 FA | AR | EN
US mayors urge Congress to block Trump federal deployment against protesters            Malaysiaís ex-PM Najib Razak found guilty on all corruption charges            Armed resistance sole way to end Saudi-led war on Yemen: Ansarullah            Russia intercepts another US spy plane over Black Sea            North Koreaís nuclear weapons deter another war on country: Leader Kim             Fossil fuel industry supporting US police groups cracking down on protests            Trump national security adviser Robert OíBrien has Coronavirus             Protests in Portland enter 60th day with no sign of stopping            Political activists worry about aspects of impending Afghan peace talks            US-occupied Iraqi base struck by three rockets: Reports            Rare Hawaiian hurricane brushes islands            English Premier League: Leicester City 0-2 Manchester United            Taliban seek to control aid agencies, private companies in Afghanistan            Afghanistan Cricket CEO sacked for Ďmisbehaviorí             One Killed, Two Wounded in Kabul Blast            


DATE PUBLISHED: 1399/05/02 - 14:23:0
VISIT: 227
SHARE WITH YOUR FRIENDS

US on collision course with a double-dip recession: Leading economist


Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 19, 2020, at Wall Street in New York City. (AFP photo)

The United States is on a collision course with a double-dip recession as V-shaped recovery mania on Wall Street is leading investors astray, a prominent economist warns.

Speaking on CNBCís "Trading Nation" Wednesday, Stephen Roach said the US is on its way to suffer a second dramatic downturn.

"The odds of a relapse, not just the virus but in the economy itself - the so-called dreaded double-dip, is very real," the former Morgan Stanley Asia chairman said.

He noted that recessions are historically double-dip, predicting this contraction will follow the same pattern in spite of its unusual origin.

"This behavioral capitulation on the demand side of the US economy is going to continue to create a lot of problems for businesses, business hirings, [and] potential corporate bankruptcies in the second half of this year," he said.

In January, Roach, a leading expert on Asia, anticipated the coronavirus pandemic would eclipse the SARS impact in 2003 and could destroy the global economy, including the United States.

He said Wednesday that US consumer demand will undergo a difficult recovery in spite of reopenings.

"Both economies were able to bring production back quickly, but theyíre struggling to bring consumer demand back especially for face to face services where individuals are fearful of getting re-infected," he said.

He called for a new US virus aid package, describing it as "essential" in this current crisis, though he noted the long-term consequences will be damaging.

"Our savings and current account dynamic is starting to look terrible," added Roach, who contends the country will face a massive budget deficit too.

In addition to inflation which he says will result from the pandemic, Roach still expressed concern about a dollar crash.

Last month, speaking on "Trading Nation," he warned that the dollar would drop 35% over this year and 2021, and over the past three months, the greenback is down over 5%.

"The dollar is in the early stages of whatís going to be a protracted downturn," Roach said.

 

SOURCE: PRESS TV

LINK: https://www.ansarpress.com/english/19607


TAGS:






*
*

*



SEE ALSO

íBlow-Upí Event Could Crush US Dollar as Multi-Trillion Debt Mounts, Ex-IMF Deputy Head Warns


US Pledges $36.7M for COVID-19 Response in Afghanistan


Proposed union deal with BA involves cuts of at least 270 jobs and 20% in pay


Face masks compulsory in shops in England from Friday


US oil regulator targets Saudi, Russia over excessive crude dump on US markets


South Korea enters recession as exports plunge by most since 1963


Afghan exports arrive in India after borders reopen


Iran to launch special trade office in China: Businessman


EU summit: Leaders reach landmark Ä1.82 trillion COVID-19 recovery deal and budget


Virus-hit UK economy slumps almost 20% in lockdown





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Iraqi PM orders swift investigation into deadly Baghdad protest

US mayors urge Congress to block Trump federal deployment against protesters

Malaysiaís ex-PM Najib Razak found guilty on all corruption charges

Armed resistance sole way to end Saudi-led war on Yemen: Ansarullah

Russia intercepts another US spy plane over Black Sea

North Koreaís nuclear weapons deter another war on country: Leader Kim

Fossil fuel industry supporting US police groups cracking down on protests

Trump national security adviser Robert OíBrien has Coronavirus

Protests in Portland enter 60th day with no sign of stopping

Political activists worry about aspects of impending Afghan peace talks

US-occupied Iraqi base struck by three rockets: Reports

Rare Hawaiian hurricane brushes islands

English Premier League: Leicester City 0-2 Manchester United

Taliban seek to control aid agencies, private companies in Afghanistan

Afghanistan Cricket CEO sacked for Ďmisbehaviorí

One Killed, Two Wounded in Kabul Blast

MBRKA to be awarded to entities fighting epidemics

Eight in 10 Americans believe country headed in wrong direction: Poll

Saudis take madrassa-building spree to Afghanistan: Report

Rohingya refugees feared dead found alive on Malaysian islet

Indiaís Modi to lay foundation stone for Hindu temple at site of demolished mosque

Diplomatic tensions: China confirms closure of US consulate in Chengdu

Reversal of quarantine for travelers from Spain causes a sense of ďpanic and loss of controlĒ

American flag lowered at US consulate in Chengdu: China state media

Afghan govt. under criticism over alleged pandemic budget misuse

Hanna pummels Texas coast with strong winds, heavy rain

Over 60 killed in fresh violence in Sudanís Darfur: UN

Portland Black Lives Matter protesters clash with armed federal agents

Israeli military says its drone crashed in Lebanon

Trump banned from using Reaganís name to raise money for 2020 vote

Afghan Army Chopper Makes Emergency Landing in Helmand

Taliban political chief warns US to withdraw as per Doha agreement

Anti-Netanyahu protesters violently attacked as thousands rally against Israeli PM again

First hurricane of 2020, Hanna, roars ashore in virus-hit Texas

Tunisia appoints new prime minister

US consulate in Chinaís Chengdu making final preparations for closure

US federal troops fire tear gas on peaceful protesters in Portland

íCops for Trumpí event to be held Pennsylvania amid US protests against police brutality

N Korea declares state of emergency amid fears of first COVID-19 case

Andalusia MotoGP: Quartararo takes pole position


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š