Due to the COVID-19 pandemic, the whole world is under the situation of an economic crisis and the US is facing adverse effects. The US government has given economic stimulus packages to all the citizens to help them deal with the crisis.


Even though these economic stimulus packages were meant to help during this financial crisis, it seems that it failed to prove its effectiveness. This is because the GDP of the country is declining rapidly. It has been reported that the GDP dropped by a huge amount ever in its history.
<blockquote class="twitter-tweet">
The Q2 GDP disaster:
US -9.5%
Germany -10%
Japan -11%
France -17%
Italy -17%

Nobody seems to appreciate how truly screwed we all are.

— John Robb (@johnrobb) <a href="https://twitter.com/johnrobb/status/1288822511409537024?ref_src=twsrc%5Etfw">July 30, 2020</a></blockquote>
<h2>The need for new economic stimulus packages</h2>
It has been seen that the economy of the United States has decreased rapidly due to the lockdowns caused by COVID-19 pandemic. Not only the US, but economies across the world are also going through trying times and are trying out different measures to deal with it. The economic stimulus packages given by the US government seems to be very less effective as it was claimed by the government.

The jobless claims in the US have now increased to 900,000 which is quite alarming. Due to such jobless claims, there is a high need for new economic stimulus packages. 
<h2>Investors moving towards safe-haven assets to deal with the crisis</h2>
The current scenario where economic stimulus packages failed to improve the situation, the investors have now started moving towards safe-haven assets. People are moving towards Gold, Silver, Bitcoin, and other valuable assets that are considered to be a safe haven. This is going to help them to deal with the current situation and along with this, it will also act as a protection against inflation. During this huge economic crisis, cryptocurrency has proved to be of great help. This is quite evident as, during this pandemic, crypto adoption has increased at a rapid rate across the world.

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Economic Stimulus Packages Under Question as GDP Shrinks Around the Globe

The economic stimulus packages given by the US government to deal with the crisis seems to be getting very less effective.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Economic Stimulus Packages Under Question as GDP Shrinks Around the Globe

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