Historical 33 percent decline in the US GDP due to Corona crisis; 'Tension' with China may increase
Millions of people get unemployed due to the huge decline in America's economy
AUG 01 (WTN) - The economy of more than 200 countries has been badly affected due to Coronavirus infection disease (COVID-19). As you know, most countries had to apply the lockdown to prevent the spread of the Coronavirus infection. And for this reason, economic activity in the respective countries came to a standstill. The Coronavirus infection epidemic to have spread from the city of Wuhan in China has taken such a form that by the time this article is written, nearly 6,83,245 people have died across the world from the Coronavirus infection so far.
Actually, due to the mistake, negligence, and irresponsible attitude of the Chinese leftist government, Coronavirus infection has resulted in the loss of life. But, at the same time, economic activity stalled due to lockdown has shocked the economy of many countries. Talk about America, the largest economy in the world, so America has not been able to save itself from the devastation of the Coronavirus infection epidemic.
In fact, the US economy has been affected due to the Coronavirus infection in the last 7 months, and a huge decline in the GDP of America has been recorded. Let's know that in the quarter of April to June, there has been a huge decline of 33 percent in the US GDP. For your information, let's know that this decline in the US GDP is a historical decline. In the US, GDP figures have been released since 1947. At the same time, during the rule of the then President Eisenhower in the year 1958, there was a decline of nearly 10 percent in the US GDP, which is the worst record of decline in the US GDP before 2020.
Here, the Corona crisis has hit the US economy in such a way that not only the decline in the GDP has been recorded in the US, but also the unemployment rate in the US has increased to 14.7 percent. In fact, the lockdown was imposed in the US like other countries to prevent the spread of the Coronavirus infection. And, due to this, a large scale economic activity was stalled here. Now, since work was stopped in companies and factories, a large number of jobs were laid off. And, due to that, the unemployment rate in America has increased to 14.7 percent.
This situation of unemployment in the Corona crisis has occurred at the label in the US, that about 1.4 million youths have applied for unemployment allowance this week. Actually, those are applying for unemployment allowance who have been fired from this time. Let's know that this is the 19th consecutive week in America when more than 1 million people have applied for unemployment allowance due to deterioration of the economy of America due to the Corona crisis and the loss of jobs.
For your information, let's know that the most affected country due to Coronavirus infection is America. At the time of writing this article, so far, 1,56,752 people have died in the US due to Coronavirus infection disease ,and around 47,06,059 people have been infected so far. However, a lot of economic activity has started in the US. Now, American economists expect the US economy to improve in the July to September quarter. But, it can be inferred that when the biggest economy like America has been badly affected by the Corona crisis, then how bad the situation of developing and poor countries' economy would have been?