An unprecedented collapse of the US economy began
At the end of the second quarter of 2020, the United States' GDP will decrease by 12% compared to the same period last year.
This was reported by CNBC television channel, said Bank of America economist Michelle Meyer.
“We are officially declaring that the economy has entered a recession, joining the rest of the world,” Meyer said.
She also added that the United States faces rising unemployment, consumer confidence has been lost, and savings have been virtually destroyed. The US unemployment rate is projected to double in the near future, with the number of unemployed people expected to rise by about a million people per month throughout the second quarter.
If in the second quarter the economy collapses by 12%, then by the end of the year a fall of 0,8% is expected.
At the same time, Bank of America hopes that such a severe collapse will not last long.
Read on topic: American bankers predict a “real disaster” world economy.
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