Federal Reserve Board Chair Janet Yellen speaks during a briefing at the US Federal Reserve December 13, 2017 in Washington, DC. (AFP photo)
Former Federal Reserve Chair Janet Yellen has expressed strong concerns that the worlds biggest economy is in the throes of a "devastating hit".
The novel coronavirus-induced lockdown in the United States has closed many businesses and factories, resulting in the highest unemployment rate to hit the nation in decades.
More than 10 million Americans filed requests for unemployment salary after being layed off due the pandemic.
"This is a huge, unprecedented, devastating hit," Yellen warned on Monday, describing the economic downturn that is not reflected yet in the current data as "absolutely shocking".
She told CNBC that if the Trump administration were to release the data it would reveal that the unemployment rate was as high as 13% "and moving higher".
Yellen said Gross Domestic Product in the United State had plunged showing an overall economic contraction of "at least 30%."
She stressed that she was not optimistic on the outlook for the US economy.
"I am worried that the outcome will be worse and it really depends to my mind on just how much damage is down during the time that the economy is shut down in the way it is now," Yellen said.
Some economists are reportedly predicting that some 20 million jobs - or more -- could be lost in the US.
Experts say it will be at least another month or two before the official government data reveals the full economic devastation caused the pandemic.
SOURCE: PRESS TV
LINK: https://www.ansarpress.com/english/15599
TAGS:
South Korea may punish Tesla 
