That's how Trump's senior economic adviser estimates • New York slumps down on weekend; Dow Jones fell 30% of its peak before crisis • International Monetary Fund chairman: We'll use $ 1 trillion balances

• Cadello Photo: IP

"The U.S. economy will begin recovery in 8-4 weeks from now," predicts President Trump's senior economic adviser Larry Cadlow.

In an interview with Fox Business last Friday, Cadlow, who heads the US National Economic Council, acknowledged that "we are facing a great deal of suffering and difficulties not only health-wise, but also economically. The numbers are going to be terrible in the near future because the Corona has hit business sectors that have thrived very well until its spread. "

Yesterday, the monthly employment report said that the number of jobs in the US had dropped by more than 700,000 in March, following which the unemployment rate rose from 3.5% to 4.4%. This is the worst report in almost a decade, and the bad news is that it is probably in partial numbers that do not include about 10 million Americans who have been registered as unemployed in the last two weeks.

USA: Buyers react in panic to Corona virus \\ Photo: Reuters

The current unemployment rate is estimated to be about 10%. Goldman Sachs International Investment Bank predicts jobless rate to peak at 15% Until the end of June. "This situation will not continue throughout the year. We will see a dramatic recovery of the economy when the crisis passes," Cadello asked to encourage the Americans.

The markets, for the time being, are not encouraging, and all stock market indices fell Friday. The Dow Jones fell 1.7% and about 30% off its peak, recorded just less than two months ago, on February 12. This is a decline of 2.7% per week, the third in a row. From the beginning of 2020, the index plunged 26.2%, heading for the worst year in history since 2008, during which the Dow plunged 33.6%.

"The economy just freezes"

In the meantime, IMF chairman Christina Gorgiva has described the Corona as a historic event in the economic world.

"We have never experienced a similar situation where the economy is simply freezing," Gurgaeva said at a press conference in Geneva. "The crisis is more difficult than in 2008. This is humanity's most difficult time, with the Corona making a major threat to the world. It is time we stand united and defend the most vulnerable people."

The IMF chairman noted that they are working with the World Bank to help some 90 countries asking for aid. ) Since the beginning of the crisis, the IMF has reserves of about one trillion dollars and Gorgiva has made clear that it will be used.