US Economy Drops in the 1Q20

Economy

US GDP contracted by 5.0% year-on-year in the 1q20, the steepest fall since 2008, data from the US Department of Commerce reveal. This coincided with the release of the IMF’s World Economic Update, where US GDP growth is forecast to contract by -8.0% in 2020, down 2.1 percentage points from its April projection.