Economists from Goldman Sachs are forecasting a dramatic 24%drop in the nation’s gdp in the coming months, as governments, companies, schools and more announce increasingly rigorous measures to keep individuals at home and apart to try to slow the spread of coronavirus nationwide.
In an analysis released Friday, economists with the major bank revised their previous projection of a 5%drop in U.S. GDP for the second quarter (April through June) to a 24%drop, mentioning predicted declines in production activity and services usage. If that materializes, it would be historic: In contemporary history, the largest quarterly decrease in U.S. GDP was a 10%drop in the first quarter of 1958.
” The sudden stop in U.S. economic activity in response to the virus is unmatched,” the economic experts wrote, adding that in simply the last couple of days, “social distancing” measures throughout the nation have actually “closed down normal life” and have actually already caused