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    President Trump pauses Military aid to Ukraine after clash with Ukraine President Zelensky

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    Mojisola Meranda resigns as Speaker of Lagos State House of Assembly.

    EFCC arraign former Abia state Gov Theodore Orji, son for alleged ₦N60.85bn fraud

    EFCC arraign former Abia state Gov Theodore Orji, son for alleged ₦N60.85bn fraud

    COAS increases troops’ daily feeding allowance from N1,500 to N3,000

    COAS increases troops’ daily feeding allowance from N1,500 to N3,000

    DSS seals Lagos state house of Assembly speaker and Deputy’s office

    Impeached speaker Obasa storms Lagos Assembly with security

    UK Prime Minister calls Kemi Badenoch “self-appointed savior of Western civilization”

    UK Prime Minister calls Kemi Badenoch “self-appointed savior of Western civilization”

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

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    Police apprehend suspect with fabricated beretta pistol in Onitsha

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    UK tightens visa rules for care workers, skilled workers and students

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    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    ICPC sues El-Rufai’s former adviser, Jimi Lawal, for money laundering

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    BITCOIN hits $103,000 for the first time

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    Equity market dragged to N188bn loss

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US Economy Shrinks for the First time in Almost 5 Years

Wednesday, 29 April 2020, 4:33 pm
in News, World
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US Economy Shrinks for the First time in Almost 5 Years
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The U.S economy witnessed it’s sharpest contraction in more than ten years for the first quarter of 2020.  Gross domestic product declined at a 4.8% annualized rate in the first quarter as consumer spending sharply dropped due to the strict measures imposed in an effort to contain the spread of the novel Coronavirus.

This contraction of the GDP at 4.8% ended the longest expansion in the history of USA and it is was below the minus 4.0% forecasted. This is as a result of sharp decrease in consumer spending and a reduction of inventory at businesses due to movement restrictions imposed in March across the country.

  • Read also; Covid-19 – 26.4 million Americans file for unemployment.

The GDP data reflected a slump in the economic activities in the last two weeks of March that saw millions of Americans file for unemployment. The slowdown primarily reflected slower consumer spending, which grew at a seasonally adjusted annual rate of 0.3 percent after a growth rate of 3.5 percent in the fourth quarter of 2019. It was the poorest quarterly showing in more than seven years.

Chris Rupkey, chief economist at MUFG in New York said “The economy will continue to fall until the country opens back up, “If the economy fell this hard in the first quarter, with less than a month of pandemic lockdown for most states, don’t ask how far it will crater in the second quarter.”

The U.S. Congress has approved a fiscal package of around $3 trillion and the Federal Reserve has cut interest rates to near zero and greatly expanded its role as banker of last resort, but economists say these measures are inadequate. Fed officials were wrapping up a two-day policy meeting on Wednesday.

  • Read more; The New Normal: Post Pandemic Implications on the Nigerian Economy

The U.S has the largest number of confirmed Covid-19 cases and number of deaths in the world. It has over one million confirmed cases. However, it has conducted over 5.5 million Covid-19 tests, making it the highest in the world.

The Commerce Department’s Bureau of Economic Analysis (BEA) said “stay-at-home” orders in March had “led to rapid changes in demand, as businesses and schools switched to remote work or cancelled operations, and consumers cancelled, restricted, or redirected their spending.”

  • Read more; Covid-19 – IMF approves $3.4 billion for Nigeria

However it said that it could not quantify the full effects of the pandemic, but that the virus had partly contributed to the decline in GDP in the first quarter.

Despite the anaemic first-quarter performance, the U.S. economy’s prospects for the rest of the year appear solid. Growth is expected to be fuelled by a revival in consumer spending, supported by continued strong job growth, accelerating wage gains and record stock levels.

  • Read also; Are Nigerians On Their Own in This Onerous Undertaking?

According to Commerce Secretary Wilbur Ross, the weak first quarter performance showed the need for the new policies Trump is offering.

“We need the president’s tax plan, regulatory relief, trade negotiations and the unleashing of (the) American energy sector to overcome the dismal economy inherited by the Trump administration,” Ross said in a statement.

He said that strong business and consumer sentiment “must be released from the regulatory and tax shackles constraining economic growth”.

Written by

Ifunanya Ikueze

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