Corona virus effect / US economy expected to fall by 7%, unemployment rate may go above 15%

·      This decline could be mainly due to the continuous spread of business of Kovid-19.

·      So far 8,458 people have died due to coronavirus in the US, about 311,635 people have been infected with corona virus

The Economic News 
The US Congressional Budget Office (CBO) has estimated that US gross domestic production (GDP) may fall by 7 percent in the second quarter. This decline may be primarily due to business breakdown due to frequent Covid-19 outbreaks.







There will be a sharp decline in output in the second quarter

The CBO release said that if this happens, the annualized growth rate released by the Bureau of Economic Analysis would be four times higher, which would be around 28 per cent. Janet Yellen, former chairwoman of the US central bank Federal Reserve, said this week that every indication so far suggests that the second quarter would see a huge drop in output that could be 20 percent or more.







Impossible to guess corona's effect

According to Yellen, the Kovid-19 epidemic is spreading rapidly and it is impossible to know at this time how deep its impact will be. The unemployment rate is estimated to be 10 percent in the second quarter. 3.3 million unemployment insurance claims have been detected in the last week while 6.6 million new claims have been detected this week.







Employment in America is falling sharply

According to the new data of weekly claims, during any week from 2007 to 2019, recent figures are 10 times more than that. According to one estimate, the unemployment rate may go above 15 percent by the end of May. Employment here is rapidly losing out and due to this more than 40 states have warned to stay in homes, including New York, New Jersey, California and Louisiana, which are badly affected areas.







8,458 people killed in America so far

This epidemic has taken a formidable form in America, considered the world's superpower. So far 311,635 people have been infected here and 8,458 people have died due to this. So far, 64,734 people have died worldwide from this dangerous virus while around 1,202,715 people are infected with it's