The US economy is expected to contract by 30% in the second quarter

According to ArabiaNet, the company stated that forced closures of companies across the United States due to the Corona virus pandemic could push unemployment up to 20%.

The company expected a deep recession in the second quarter, but will be followed by two quarters of recovery, which is a shorter period of time than the four seasons recorded during the global financial crisis.

Standard & Poor's has said that the blow to the global economy will be significant as a result of measures taken to reduce the spread of the Corona epidemic.

She added in the report published on March 29, that as more data flows due to the effects of curfews and measures to contain the spread of the Coruna virus, there is an increased risk of lowering expectations continuously.

She pointed out that for the United States of America, it now appears that the expectations of a decline in GDP in the second quarter will be at least twice the rate of decline of 6% that I expected last week, equivalent to 12%, and also expects GDP to decrease in the first quarter as well.

For Europe, the agency said, the outlook for low gross domestic product in the first half of the year appears to be similar to that of America, but somewhat lower in the first quarter of the second quarter because the epidemic began before the United States.

The agency estimated China's GDP rate of contraction at 13% (on an annual basis) in the first quarter of the year, but assures that it will return to growth again in the second quarter.