US GDP could sink over 40%: Atlanta FedMay 17, 2020
“The economy is essentially still in freefall because of the shutdown, there is no question about that and the pandemic contraction in 2Q is going to be very difficult,” top White House Economic Advisor Larry Kudlow told FOX Business.
A new GDP forecast from the Federal Reserve Bank of Atlanta for the three months through June estimates an unprecedented drop of 42.8 percent. The bank describes the data as a “nowcast” or real-time, compared with the official government report of GDP, which is dated. The first-quarter preliminary data, which showed a 4.8 percent dip, included a limited period of impact from COVID-19.