US GDP shrank by 4.8 percent in the first quarter

President Trump expressed confidence that the country’s economy will grow strongly in the third quarter.

The US economy shrank 4.8 percent year-on-year in the last quarter, amid a suspension of economic activity due to the coronavirus pandemic, which triggered a recession that is interrupting the most extended period of growth in history.

This is the first quarterly decline in six years and the sharpest since the economy shrank at an annual rate of 8.4 percent in the fourth quarter of 2008.

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