US Economy slips in Recession

By Line: Tushar Singh Chauhan

US a world power and a leading country in all the sectors and have one of the leading economy. But from the last few months the US economy is getting falling down, basically from the last 2 straight quarters. And being the world leader, their situation will affect the global economy as well. The Global economic growth in this year is projected to be 1.9 percent, slower than the 3 percent growth in 2022. And many Developed countries are estimating to register a growth of 0.4 percent this year, 2.6 percent less than the last year. And the expected growth rate of US is set at 0.4 percent, down from 1.8 percent in last year. But according to the report of United Nation many European and Asian countries are at the risk to hit recession this year. And in some reports of U.N they state that due to the going down of US economy the growth momentum of world economy is slightly weakened. “In most countries, we expect that private consumption and investment will weaken due to inflation and higher interest rates,” said Ingo Pitterle, senior economist at the U.N. Department of Economic and Social Affairs. According to the latest reports from the Department of Commerce, of US they state that the US economy was getting down from Q2 2023 from -1.8 percent to -0.6 percent and Q3 2023 from -1.8 percent to -1.6 percent. So noting all these information many economist are predicting the weakness in the economic activity in early 2024 year. However many experts are worry about the US is slipping into the recession as at the end of last year many major sectors of the US economy are declined more rapidly as expected. According to all the reports and even many surveys states that the US economy start getting contracting in 2023. As the US money supply falls first time after 60 years just after when they print the money in the crisis and the federal bank start rising there interest rate.