The U.S. economy contracted 5% in the first quarter of 2020. With the coronavirus crisis continuing into the summer, economists are expecting an even steeper contraction in the second quarter. WSJ's Carter McCall explains how GDP is calculated and how the coronavirus is impacting the equation. Photo Illustration: Jacob Reynolds/WSJ
"Since coronavirus hit, that demand has dropped into the deep freeze, as people across the U.S. have sheltered in, and businesses of all kinds have closed. That's created a lot of pent-up demand, and businesses will certainly see a surge in demand when they reopen and consumers engage with them again.But what happens when that pent-up demand is spent? Will consumer demand for goods and services bounce back to where it was? The answer will tell us how much permanent damage was done to our economy."
And an infographic from https://www.visualcapitalist.com/subzero-oil-price-crash-covid-19/
Interesting infographic from https://www.visualcapitalist.com/history-of-pandemics-deadliest/?fbclid=IwAR1LApQGMnQoton0N81DFApseh_6yDs1OkgwlXDKbh60FQVhyXNUwQ3TADA
At the time of posting this there are just over 32000 deaths.... the Bubonic Plague of the 1300s killed over 200 million people! If that was a country it would be the 8th largest country in the world (after Nigeria and before Bangladesh)!
Teacher of IB Economics at the American School of Budapest