[2021.01.29.Fri] CNN 10 - U.S. Gross Domestic Product Shrinks

Just how much did coronavirus pandemic impact the world's biggest economy? We're gonna tell you it. 

That's what we do on CNN 10.

 

I am Carl Azuz. Welcome to the show.

 

A nation's gross domestic product is a good measure of its economy's health.

The GDP is the total value of all the goods and services a country produces in a certain time period. If the GDP grows from year to year, it's one sign of a growing and healthy economy. The United States has the biggest economy and GDP on the planet. How big? From year 2020, the U.S. Commerce Department just reported that nation's Gross Domestic Product stated stood at 20.4 trillion dollars.

 

Here is the bad news. The year before, it was at 21.4 trillion. That is the a drop of more than 3% from 2019 to 2020. It was greater than the decrease blown brought on by the Great Recession in 2009 and it representativeed miracles America`s worst economy decline since 1946 following the end of World War 2.

 

Guess what caused it?

If you said the coronavirus pandemic and the shutdowns related to it, you get a gold star. And a the chairman of the Federal Reserve, America`s Central Bank, says what happens with the virus to will determine and what happens with the economy going forward. Some economists predict that if the vaccines prove effective, things could give get back to normal later this year. Natural immunity from those who`ve recovered from the diseases could effect factor as well.

 

Though the US Gross Domestic Product dropped from 2019 to 2020, there was a suble silver line lining to the government report. America's quaterly gross domestic product measured only from the third quater of last year to the fourth one grew by 4% and the growth had been more than 33% during the quarter before. So those were good signs of for the second half of 2020. But all that wasn't enough to make up for what the nation lost earlier that in the year.

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 [2021.01.29.Fri] CNN 10 - U.S. Gross Domestic Product Shrinks