[U.S. GDP shrank by 3.5% in 2020, and U.S. GDP growth hit a new low since 1946] Affected by the new crown epidemic, the U.S. economy has experienced the largest contraction since World War II. Data released by the U.S. Department of Commerce on January 28 showed that the U.S. rea

[U.S. GDP shrank by 3.5% in 2020, and U.S. GDP growth hit a new low since 1946] Affected by the new crown epidemic, the U.S. economy has experienced the largest contraction since World War II. Data released by the U.S. Department of Commerce on January 28 showed that the U.S. real gross domestic product (GDP) growth rate for 2020 recorded -3.5%, the first negative value since 2009 and a new low since 1946. Among them, the initial value of GDP in the fourth quarter of 2020 increased by 4% on an annual basis, which was the same as expected. The previous value was 33.4%. As the COVID-19 epidemic spread, the U.S. catering, tourism, aviation and other service industries were severely hit last year, leaving millions of Americans unemployed and falling into poverty. On January 14, US President Biden proposed a new coronavirus economic stimulus plan with a total amount of up to 1.9 trillion US dollars, including providing direct economic assistance to families, businesses and communities across the United States, as well as focusing on the new coronavirus testing and vaccine production and delivery. However, the plan still needs to be approved by the U.S. Congress. According to data from Johns Hopkins University in the United States, as of 8:00 on January 27, Beijing time, the cumulative number of confirmed cases of COVID-19 in the United States has exceeded 25 million, accounting for 25% of all reported cases worldwide. In addition, the United States leads the world in the number of new deaths reported daily, accounting for one-fifth of the new deaths reported daily worldwide. Economists expect U.S. economic growth to slow further in the first quarter of 2021 as the coronavirus has not yet been effectively controlled, but the economy will resume growth in the summer as additional stimulus measures take effect and more Americans are vaccinated. (The Paper; YM)

Source: Daily Economic News