Reuters conducted a survey of economists recently. As a result of the survey, the majority of economists are of the view that the fiscal package proposed by the President of the United States (U.S.). Joe Biden is able to stimulate the economy and even the economic level can be reached to pre-Covid-19 levels.
Biden has outlined a proposed $ 1.9 trillion stimulus package to revive the U.S. economy affected by the Covid-19 pandemic. The U.S. has become the epicenter of the Covid-19 pandemic with 400,000 people found dead due to Covid-19. Biden’s statement has pushed Wall Street shares to their highest level since yesterday.
In a survey involving 100 economists, the majority were optimistic about U.S. economic growth. The views of these experts have fueled the hopes of market players.
According to economist Michelle Meyer of the Bank of America, the fiscal stimulus package will limit the impact of the Covid-19 outbreak and the 'lockdown' measures imposed. In addition, the wider distribution of the Covid-19 vaccine will soon accelerate economic growth.
Economic growth during the quarter is expected to be slower. However, most experts think the U.S. economy will reach pre-Covid-19 levels as early as 6 months.
The dollar index traded at its latest weekly low following confidence in stimulus packages that have prompted investors to switch to risky currencies. As of 9.00 p.m the US dollar index strengthened 0.12% to the exchange rate of 90.233.
