The US economy, which is known as the world’s largest one, may soon collapse. Even economically illiterate people have already noticed some signs of the upcoming catastrophe.
The overall picture will soon become clear. The fact is that the US authorities cannot hide the economic slowdown anymore. Treasury Secretary Janet Yellen was the first who admitted gloomy prospects. “The economy is slowing down,” Yellen acknowledged. Last year’s rapid 5.5% growth allowed people, who lost their jobs amid the pandemic, to go back to work. Now, the Treasury secretary has nothing to say to hide the real state of affairs. “This isn’t an economy that’s in recession,” Yellen said. “We’re in a period of transition in which growth is slowing, and that’s necessary and appropriate, and we need to be growing at a steady and sustainable pace,” she added.
Earlier, Janet Yellen vowed to “impose harsh consequences on those who abuse the global economic order.” She believes that “the United States and allies like South Korea should focus on friend-shoring”, which offers a way to preserve the best features of the rules-based global order.
