FED Chairman: It will take some time for US economy to recover

(VOVWORLD) - The US economy will claw its way back from the current downturn but may need a coronavirus vaccine before that is complete, Federal Reserve Chairman Jerome Powell said in an interview with CBS’ “60 Minutes”. 

In an excerpt aired Sunday morning on “Face the Nation”, Powell said the suspension of business activities due to COVID-19 may cause the GDP of the US to shrink 20-30% in the second quarter.

He said the US economy will recover, but it will take some time, maybe until 2021. He predicted that the economy will recover stably in the second half of this year barring a second COVID-19 outbreak.