According to the head of the Federal Reserve Bank of New York, the rapid growth of the economy will be facilitated by state support and vaccination against COVID-19.
The combination of strong fiscal support from the state and continued vaccination could revive the US economy recovering from the coronavirus pandemic and lead to the most significant GDP growth in decades. This was announced on Thursday by the president of the Federal Reserve Bank of New York, John Williams.
Williams ‘ optimism is shared by several of his colleagues at the Federal Reserve, who expect significant economic growth. Williams made it clear that the Fed does not plan to reduce its support for the near future economy.
“With strong federal financial support and continued progress on vaccination, this year’s GDP growth could be the biggest in decades,” Williams said, speaking at a virtual gathering organized by a nonprofit organization that advocates for the rights of African Americans.
Federal Reserve Chairman Jerome Powell, speaking to Congress on Tuesday, suggested that the US economy could grow by as much as 6% this year. However, Williams warned that new measures must be taken. Mutation of the virus can slow down the recovery process.
The head of the New York federal bank also noted that the economic crisis caused by the pandemic has greatly affected black employees and private business owners. He said that addressing these shortcomings will be important for economic recovery.
According to Williams, the Fed “will continue to use the full set of tools to ensure that the recovery is as resilient as possible.”