China News Service, July 30. According to foreign media reports, data released by the U.S. Department of Commerce on July 30, local time, showed that the U.S. gross domestic product (GDP) fell by 32.9% in the second quarter of 2020, which is the last two centuries. The worst economic recession the United States has experienced.
The picture shows a closed movie theater in Arlington, Virginia on July 23, local time. Photo by China News Agency reporter Chen Mengtong
According to the report, the sharp contraction in personal consumption, exports, investment, and state and local government expenditures led to a sharp contraction in the US economy in the second quarter.
Whether it was the Great Depression or more than 30 economic recessions in the past two centuries, the United States has not suffered such a severe economic recession in such a short period of time.
It is said that during the 2008 financial crisis, the fourth quarter GDP of the United States fell by 8.4%, which was the worst quarter of the economic recession at that time. The very serious situation encountered last time can be traced back to 1958, when the US gross domestic product (GDP) fell by 10% in the first quarter of that year.
The report pointed out that the reason for the economic recession in the second quarter of 2020 in the United States was related to the promulgation of "home orders" and the closure of non-essential operating places in many states. The National Bureau of Economic Research stated that the current economic recession actually started in February 2020.