US Secretary of Commerce: economic growth is slowing down "recession" appears on the horizon

U.S. Commerce Secretary Gina Raimondo stressed on Sunday that U.S. economic growth is slowing but no “major recession” is in sight, expecting the economy to return to its traditional levels.

The Minister explained in online statements “ABC”“Over the past year and a half, the economy has grown at an unprecedented high rate, from 5 to 6%. I think it’s normal to think that as we continue to emerge from the epidemic, we will move from strong growth to more stable growth. .”

And Raimondo continued: “I think we will see a slower growth at some point, but I don’t see any reason to believe we’re in for a major recession by any measure,” noting that the U.S. has been able to return a percentage of jobs that existed before the epidemic, while the situation in the household and in enterprises is in good condition.

The minister noted that the chief executive of a large US company assured her that there were no signs of an impending recession, adding: “The fundamentals of this economy are very strong, inflation is our problem and our top priority.”

In mid-June, the US Federal Reserve raised interest rates by 0.75% today, Wednesday, to curb high inflation, the highest rate hike undertaken by the bank since 1994.

The US Federal Reserve announced a 75 basis point hike in interest rates, anticipating that “a continued increase in the target range would be appropriate.”

Source: agencies + “ABC”