(CNN) – The economy of United States contracted for the first time in almost six years between January and March, while the crisis in coronavirus It put the world at a standstill.
First quarter GDP in the United States fell at an annualized rate of 4.8%, the United States Office of Economic Analysis reported on Wednesday.
It was the first contraction in the US economy since the first quarter of 2014, and the worst decline since the fourth quarter of 2008.
The economy stopped in March when companies closed and orders to stay home were established across the country. That was enough to offset economic activity in January and February.
In the current quarter, the economy is expected to contract further. Although some states are beginning to reopen, experts believe it will be some time before activity levels return to what they were before the outbreak.
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