The Current Economic Predicament of the United States is Due to Its Own Policies

Xinhua News Agency, Dar es Salaam, August 8 (Reporter Xie Hao) Humphrey Mossi, a professor of economics at the University of Dar es Salaam in Tanzania, said in an interview with Xinhua News Agency recently that the current economic difficulties of the United States Due to its own policies, this has also caused the world to lose confidence in the United States.

U.S. gross domestic product fell 0.9 percent on an annualized basis in the second quarter of this year, the second straight quarter of contraction, data from the U.S. Commerce Department showed. Usually two consecutive quarters of negative growth in an economy are considered to be in a technical recession.

Moxie said the U.S. economic woes are due to a number of factors. On the one hand, global energy and food prices have risen due to the new crown epidemic and the Ukraine crisis. In order to curb inflation, the Federal Reserve announced at the end of July that it would raise interest rates for the fourth time this year and the second time in a row to raise interest rates by 75 basis points, aggravating its own economic recession risk.