US economy nosedives with worst yet to come

Current figures do not take April into account, and as such do not show the effect of much of the economic shutdown

NEW YORK, NEW YORK - APRIL 28:A man takes a photograph on the Brooklyn Bridge during the coronavirus pandemic on April 28, 2020 in New York City. COVID-19 has spread to most countries around
New York City under coronavirus lockdown
(Image credit: John Lamparski 2020)

The United State’s gross domestic product (GDP) shrank 4.8% in the first quarter of 2020 - three months where the country’s economy was hit hard by lockdowns in response to the coronavirus pandemic.

The figures, however, do not take April into account, and as such do not show the effect of some of the most comprehensive economic shutdowns that have closed businesses and seen 26.5 million citizens file for unemployment benefits.

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William Gritten

William Gritten is a London-born, New York-based strategist and writer focusing on politics and international affairs.