Treasury Secretary Janet Yellen said Thursday the global pandemic and Russia’s invasion of Ukraine highlight the possibility of big economic shocks in the future, adding that downturns are “likely to continue to challenge the economy.”
Her address at the Brookings Institution looked at lessons learned from economic downturns of the past and said countries need to build in “recession remedies” to protect people in the U.S. and globally going forward.
With “large negative shocks” inevitable, she said, policymakers have learned from the Great Recession that it’s imperative to exit economic downturns “as quickly as possible.”
