US GDP could ‘easily’ shrink by 20-30% in Q2, says Fed chair
US Federal Reserve chairman Jerome Powell says the US economy could contract between 20% and 30% in the second quarter due to the Covid-19 pandemic but he is confident that the country will avoid another depression. – EPA pic, May 18, 2020.
THE business shutdowns caused by the coronavirus pandemic could “easily” cause the US economy to collapse by 20% to 30% this quarter, Federal Reserve chairman Jerome Powell said yesterday. Data show more than 30 million jobs were destroyed in the world’s top economy, as businesses were shuttered nationwide amid the efforts to stop the spread of Covid-19.
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