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A survey, carried out by the National Association for Business Economics (NABE), has revealed that the US economy is already in recession and will remain in a contractionary state for the first half of 2020, as the coronavirus (Covid-19) pandemic severely restricts economic activity.
Economists believe the US economy entered recession in March itself.
“The consensus is real GDP declined at an annualized rate of 2.4 per cent in the first quarter of 2020, and will shrink at an annualised rate of 26.5 per cent in the second quarter", NABE President and KPMG Chief Economist Constance Hunter said
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