The biggest contraction since 1946, US GDP will drop by 3.5% in 2020

The biggest contraction since 1946, US GDP will drop by 3.5% in 2020

The epidemic has caused many Americans to lose their jobs. The picture shows Americans receiving relief. (Associated Press)

The U.S. Department of Commerce issued a report on January 28 local time, saying that the U.S. economy will shrink the most in 2020 since 1946. In 2020, the gross domestic product of the United States will drop by 3.5% over the previous year. Although the U.S. economy grew in the fourth quarter, it could not make up for the huge impact of the epidemic on the second and third quarters.

According to the associated press, this is the first time that U.S. GDP shrank by 2.5% in 2009, and the worst annual setback since the U.S. economy shrank by 11.6% in 1946.

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