Renowned investor Warren Buffett praised the economy at Berkshire Hathaway’s annual meeting, saying it has been “resurrected” after taking a heavy blow from the coronavirus pandemic.
The economy is “resurrected in an extraordinarily effective way” from the COVID-19 stimulus provided by Congress, Buffett said, Reuters reported.
The first-quarter profits for the company went up by 20 percent, making around $7 billion.
Buffett said 85 percent of the economy is in “super high gear” and the stimulus “did the job.”
Congress passed the almost $2 trillion stimulus plan in March that gave support to many areas of the economy and direct stimulus payments to the American people.
In March, personal income went up more than 21 percent and consumer spending went up 4.2 percent.