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https://edition.cnn.com/2020/11/12/economy/economy-after-covid-powell/index.htmlPublished by: CNN NEWS on 12 Nov 2020
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The Covid-19 pandemic brought the economy to a screeching halt, and while it has started its long road to recovery, the economy we knew is probably a thing of the past, said Federal Reserve Chairman Jerome Powell on Thursday. “We’re recovering, but to a different economy,” Powell said during avirtual panel discussion at the European Central Bank’s Forum on Central Banking.
The pandemic has accelerated existing trends in the economy and society, including the increasing use of technology, telework and automation, he said. This will have lasting effects on how people live and work.
While technological advances are generally positive for societies over the long term, Powell said, on a short-term basis they create disruption, and as the market adjusts to the new normal the pain isn’t shared evenly.
For example, it’s likely that lower-paid workers, as well as those in jobs requiring face-to-face interactions, such as retail or restaurant workers, will shoulder most of the [...]
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What is Coronavirus?Coronaviruses are a group of viruses that cause diseases in mammals and birds. In humans, coronaviruses cause respiratory tract infections that are typically mild, such as the common cold, though rarer forms such as SARS, MERS, and COVID-19 can be lethal. Symptoms vary in other species: in chickens, they cause an upper respiratory tract disease, while in cows and pigs they cause diarrhea. There are yet to be vaccines or antiviral drugs to prevent or treat human coronavirus infections.
What is Technology?Technology is the collection of techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. A modern example is the rise of communication technology, which has lessened barriers to human interaction and as a result has helped spawn new subcultures; the rise of cyberculture has at its basis the development of the Internet, computer, smartphone, and Artificial Intelligence.
Who are CNN News?Cable News Network (CNN) is a United States cable television news channel. It is a subsidiary of AT&T's WarnerMedia. CNN was founded in 1980 by American media proprietor Ted Turner as a 24-hour cable news channel. Upon its launch, CNN was the first television channel to provide 24-hour news coverage, and was the first all-news television channel in the United States.
