Corona hit on US economy

America's economy has come to a standstill due to Corona virus. This has been seen in the figures of GDP growth rate of the country.

• US GDP growth rate in January-March quarter - 4.8%
• US growth rate has been negative for the first time since 2014

The economy of America, the world's most powerful country, is seen crawling in front of the corona virus. Due to this virus more than 50 thousand people have died in America, while unemployment in the country is also at the highest level of 90 years.

The latest figures show that the US GDP growth rate has dropped to 4.8 per cent in the first quarter of 2020 ie from January to March. Earlier, the GDP growth rate in the last quarter of 2019 was 2.1 percent. US growth rate has been negative for the first time since 2014, when the growth rate was -1.1 percent.

Earlier, in the global recession of 2008-09, the growth rate was in minus for four consecutive quarters. Let us tell you that the calendar year and the financial year are same in America. At the same time the financial year in India starts from April and runs till 31 March next year.

What does it mean?

This is bad news for America's economy. These figures are pointing towards recession. If the situation does not improve in the coming months, it will be a matter of concern globally. Actually, the economy of many countries including India is connected with America. Jobs of professionals of these countries may be threatened, which is not right. Let us tell you that about 80 percent of the income of IT companies of India comes from America and Europe.

Highest unemployment after 1930

Earlier, official figures had stated that unemployment in the US is at a 90-year high. The unemployment rate has been the highest since the Great Depression of 1930. Statistics show that one out of every six American workers has been fired from the corona virus epidemic. Over 44 lakh people applied for unemployment benefits in just one week. With this, about 26 million people have applied for unemployment benefits in five weeks.