File/ US economy was resurrected in an extraordinarily effective way amid COVID-19, says billionaire Warren Buffett
File/ US economy was resurrected in an extraordinarily effective way amid COVID-19, says billionaire Warren Buffett

Lauding Federal Reserve and Congress, billionaire Warren Buffett, chairman and CEO of Berkshire Hathaway stated the United States' economy recovered largely due to their efforts. He said this during the question and answer session of Berkshire Hathaway's 2021 annual shareholder meeting.

Yahoo Finance quoted Buffett saying, "The economy went off a cliff in March. It was resurrected in an extraordinarily effective way by Federal Reserve action and later on the fiscal front by Congress."

He added that Berkshire Hathaway's own business has picked up tremendously alongside the broader economy.

"Our businesses have done really quite well. This has been a very, very, very unusual recession in that it's been localised ... to an extraordinary extent. Right now business is really very good in a great many segments of the economy," he added.

Warren Buffett's company reported a nearly USD 12 billion profit in the first quarter a year after a major loss when the value of its stock investments plummeted because of the coronavirus pandemic.

Berkshire Hathaway said Saturday that it earned USD 11.7 billion, or USD 7,638 per Class A share, during the first quarter as the paper value of its investment portfolio rebounded. A year earlier, Berkshire reported losing USD 49.7 billion, or USD 30,653 per share.

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