Adam Schiff, Head of the Intelligence Committee at the House of Representatives (the lower chamber in US Congress), said that the Coronavirus ( known also COVID-19) has caused unprecedented devastation in the United States of America (USA).
Schiff added that as the world has started recovering from the pandemic, so there is a chance to reconstruct the world economy in a better form.
He tweeted that the deadly virus inflicted hefty losses on the US economy.
US Trade Department estimates that the national economy may grow at least by 6.5 % by the end of the current year.
The department released a statement says that the expected growth in the US economy related to the expansion in vaccinating people against COVID-19 which means returning to normalcy in all economic activities.
The Biden administration launched a package of stimulants to encourage the economy to come out of recession caused by the pandemic of COVID-19.
According to data from the Trade Department, the US economy grew in the fourth quarter (4Q) of 2020 by 4.3% compared to the same quarter of 2019.
The department assured that the rate of growth within the fourth quarter of the previous year exceeded what had recorded in the other three quarters of 2020.
The statement issued by the Trade Dep. Linked recession in the first nine months of 2020 to the lockdown for weeks across the country.
The Coronavirus led to diminishing in the US economy by 3.5% in 2020 despite the rate of growth was 2.2% in 2019.
On the other hand, Biden's plan to stimulate the economy and upgrade the infrastructure aroused more controversy between Democrats and Republicans in Congress.
A slight Democratic majority in the Senate passed that plan late in February as some of the Democrats support Biden.
Some fear the adverse impact of the plan as it may hit the competitiveness of US companies in the international markets.
Follow the latest news on Google News
