Due to the ongoing coronavirus crisis, more than 16 million people in the US have lost jobs
President Donald Trump-led US government has inducted four Indian-American corporate leaders including Google’s Sundar Pichai and Microsoft’s Satya Nadella in a group to advise on how to kickstart the economy hit by coronavirus pandemic. Over 200 top American leaders from various industries have been selected to set up nearly a dozen and a half different groups as part of the Great American Economic Revival Industry Groups, news agency PTI reported. Ann Mukherjee from Pernod Ricard and Ajay Banga from Mastercard are also part of the group. Other members of the group include Apple’s Tim Cook, Oracle’s Larry Ellison and Facebook’s Mark Zuckerberg.
The leaders will advise the US government on how to restart the economy. “They’re the names that are, I think, the best and the smartest, the brightest. And they’re going to give us some ideas,” Donald Trump told reporters Tuesday. Due to the ongoing coronavirus crisis, more than 16 million people in the US have lost jobs. The US economy too has come to a standstill amid the national health emergency.
Meanwhile, the global growth will see its worst recession this year since the Great Depression in the 1930s, the IMF recently said, adding that partial recovery is expected in 2021. “A partial recovery is projected for 2021, with above trend growth rates, but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound,” Gita Gopinath, the IMF’s chief economist, recently said. In January, the IMF had estimated 3.4 per cent growth for global GDP in 2021. The global economy is likely to fall sharply by 3 per cent in 2020, much worse than during the FY09 financial crisis.
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