Morgan Stanley sees US GDP falling by 30% in second quarter

Omkar Godbole FXStreet Contributor

Economists at Morgan Stanley said the coronavirus outbreak will inflict greater damage on the US economy than previously forecasted, leading to a record 30% plunge in the gross domestic product (GDP) in the second quarter (April to June period), according to Bloomberg.

Key quotes

The jobless rate will average 12.8% in the second quarter.

Consumption is likely to fall by 31% in the April to June period.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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