Business • Economy
2020-04-29T13:37:58+00:00

U.S. GDP falls by 4.8 percent in first quarter

America's GDP – gross domestic product – shrank at a 4.8 percent annual rate in the first quarter of 2020, making it the biggest contraction since the Great Recession. As the Covid-19 pandemic continues, experts believe that the decline will continue into the second quarter of 2020.

Kevin Hassett, White House economic adviser, estimates GDP could go down by 20 to 30 percent, calling it "the biggest shock since the Great Depression".

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