The United States is currently the nation hardest hit by the coronavirus, with the number of cases exceeding other nations by a very wide margin. The pandemic has had a profound impact on the US economy, which experienced its sharpest decline in over a decade in the first three months of 2020.
The United States will be in a “pause mode” for the next 20-30 days to see what effect the latest batch of financial help will have on the economy, Director of the United States National Economic Council Larry Kudlow said on Friday.
According to the economic adviser, the US will concentrate on pro-growth incentives and on eliminating business barriers in anticipation of the COVID-19 relief package.
Last week, the US Congress approved a $484-billion relief package, the fourth such bill adopted to respond to the ongoing pandemic. The latest legislation brought total federal spending in the fight against the coronavirus up to $3 trillion.
The United States has recently passed the one million-case threshold and currently has almost a third of all global coronavirus cases.
As of 2:00pm CEST, there are 1,035,353 confirmed COVID-19 cases and 55,337 deaths, according to the WHO.