U.S. GDP fell by 5% in Q1 due to COVID-19
- 4 years ago
코로나19에 美 1분기 성장률 -5%…12년 만의 최대폭 하락
The U.S. economy shrank five percent in the first quarter of this year due to the Covid-19 pandemic.
This is the worst the American economy has performed since the 2008 global financial crisis.
As our Yoon Jung-min reports... economists expect the data will be worse for the second quarter... but a rebound to follow after that.
The U.S economy in the first quarter saw its largest contraction in more than a decade due to the impact of COVID-19.
In its latest estimate, the Commerce Department said Thursday that the U.S. economy shrank by 5 percent from January to March.
It was the sharpest quarterly decline since the fourth quarter of 2008 when the economy shrank more than 8 percent amid the global financial crisis.
The department said the decline reflected the response to the coronavirus, as governments issued "stay-at-home" orders in March.
And worse is yet to come. Economists predict that GDP will plunge around a staggering 30 percent from April to June.
Forecasters, however, believe the economy will rebound in the second half of the year.
The COVID-19 situation in the U.S. has taken a turn for the worse,... particularly in the southern states, including Texas, Florida and California.
The governor of Texas announced on Thursday that the state will put on hold any further plans to reopen due to the surge in COVID-19 cases.
"Unfortunately or fortunately, depending on how you look at it, we're now seeing increased tests that are coming back positive. That then drives what we're seeing in the numbers."
According to Johns Hopkins University, there have been over 2-point-4 million coronavirus cases reported in the U.S. so far.
If a second-wave of infections materializes in July, economists say it will cause seismic losses for the entire year.
Yoon Jung-min, Arirang News.
The U.S. economy shrank five percent in the first quarter of this year due to the Covid-19 pandemic.
This is the worst the American economy has performed since the 2008 global financial crisis.
As our Yoon Jung-min reports... economists expect the data will be worse for the second quarter... but a rebound to follow after that.
The U.S economy in the first quarter saw its largest contraction in more than a decade due to the impact of COVID-19.
In its latest estimate, the Commerce Department said Thursday that the U.S. economy shrank by 5 percent from January to March.
It was the sharpest quarterly decline since the fourth quarter of 2008 when the economy shrank more than 8 percent amid the global financial crisis.
The department said the decline reflected the response to the coronavirus, as governments issued "stay-at-home" orders in March.
And worse is yet to come. Economists predict that GDP will plunge around a staggering 30 percent from April to June.
Forecasters, however, believe the economy will rebound in the second half of the year.
The COVID-19 situation in the U.S. has taken a turn for the worse,... particularly in the southern states, including Texas, Florida and California.
The governor of Texas announced on Thursday that the state will put on hold any further plans to reopen due to the surge in COVID-19 cases.
"Unfortunately or fortunately, depending on how you look at it, we're now seeing increased tests that are coming back positive. That then drives what we're seeing in the numbers."
According to Johns Hopkins University, there have been over 2-point-4 million coronavirus cases reported in the U.S. so far.
If a second-wave of infections materializes in July, economists say it will cause seismic losses for the entire year.
Yoon Jung-min, Arirang News.