Washington: America's economy, the world's most powerful country, is seen crawling in front of the coronavirus. Due to this virus, more than 50 thousand people have died in America, while unemployment in the country is also at the highest level of 90 years. The latest figures show that the US GDP growth rate has dropped to 4.8 per cent in the first quarter of 2020, ie from January to March.
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Earlier, in the last quarter of 2019, the US GDP growth rate was 2.1 percent. For the first time since 2014, the US growth rate has been negative, during which the growth rate was -1.1 percent. Earlier, in the global recession of 2008-09, the US GDP growth rate was at minus one for four consecutive quarters. LThe calendar year and the financial year are same in America. The financial year in India starts from April and runs till 31 March next year.
This is bad news for America's economy. These figures are pointing towards recession. If the situation does not improve in the coming months, it will be a matter of concern globally. Actually, the economy of many countries including India is connected with America. The jobs of professionals of these countries may be threatened, which is not right. About 80 percent of the income of IT companies of India comes from America and Europe.