New York— The Global Summit on the Global Economy is to be held on March 17, 2019, despite the fact that the United States is currently suffering from a crippling economic crisis and is in the midst of the most severe financial crisis since the Great Depression.
According to the World Bank, the US has a $17.6 trillion sovereign debt and has a trade deficit of $16.7 trillion.
This is the largest trade deficit in the world and is likely to continue until the US economy reaches full capacity and starts to recover.
The US has not been able to restore its full capacity to absorb these new burdens and is on track to default on its debt by 2021, according to the IMF.
In order to prevent this from happening, the Summit will have to be rescheduled for a different date, or cancelled altogether, according the World Financial Group.
The Summit will be held in New York, the capital of the United Kingdom, and the largest city in the US.
The event is expected to attract more than 400,000 participants, which is already a record for a global summit.
“The US has one of the highest number of foreign direct investment into the US,” said the World Business Council, a group that represents business interests.
“There’s no reason to cancel the summit.”
However, the World Economic Forum, which organizes the Summit, said the costs of the Summit could exceed $50 billion, and it is unlikely that the US will be able to meet its commitments in its new funding package.
The World Economic Council also said the summit will be a “political event,” and that it “would not be appropriate to host it in a country that is not a member of the EU.”
“The US is already facing a serious economic and fiscal crisis that is likely leading to the country’s largest sovereign debt default in history,” said WBEF President Jeffrey Immelt.
“We expect the summit to have no bearing on the US’s fiscal or monetary policy.”
According to World Bank President and CEO Jim Yong Kim, the lack of US funding for the Summit “would be disastrous” and would hurt the global economic recovery.
The summit will “create a new global climate of distrust,” Kim said.
“In the US, there’s no excuse for this.”
“This is the first time that a summit will not be held,” Kim told VICE News.
“It is unprecedented for the US to not participate.”
The US will not have to pay any of the money it has already borrowed to cover the Summit’s costs, which will come from the $7.2 trillion in international reserves held in the Bank of England, the $1.5 trillion held in U.S. Treasury bonds, and $1 trillion held by the US Treasury.
“If we fail to meet the $2 trillion that we’ve promised, the entire Summit is not going to happen,” Kim added.
According the World Development Indicators, the economic recovery is still far from complete, with inflation still high at 7.7 percent, unemployment at 6.9 percent, and wages at an all-time high of $2.25 an hour.
However, Kim says that the Summit is an important step in rebuilding the US economic recovery, and that “the Summit is the next big step.”
“It is a major step toward getting the economy back to full strength,” Kim stressed.
“But we will need more funds.”