30 Apr 2020

Coronavirus: US economy shrinks 4.8 percent

From Morning Report, 7:09 am on 30 April 2020

Coronavirus cases in the United States have topped 1 million, and 58,500 people have died - that's more than the total number of Americans killed in the Vietnam war.

It's bad news on the economic front, too: the Department of Commerce says the country's GDP shrank by 4.8 percent in the three months to March, the largest contraction since the global financial crisis of 2008.

Moreover, economists are warning those figures will worsen - expecting a further fall of 20 to 30 percent in the second quarter, which covers the period when many US states went into lockdown.

Washington DC correspondent Simon Marks speaks to Corin Dann.