The economic impact of the current US government shutdown is directly proportional to the amount of time it continues, says Sarah Boumphrey, Head of Countries and Consumers Research at Euromonitor. The longer the shutdown, the more GDP and consumer confidence will decline. The more frightening situation is the looming negotiations regarding the debt ceiling. Considering the shutdown, many analysts fear the US government may not reach an agreement on the debt ceiling in time. Boumphrey states that a non-agreement would be catastrophic and damaging to both the US and global economies.
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