US GDP may 'easily' contract 20-30 percent in Q2 ­– latest updates

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US GDP may 'easily' contract 20-30 percent in Q2 ­– latest updates
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Global Covid19 infections near 4.8 million. Here're more updates: 🇯🇵Japan's economy slips into recession with 0.9 percent GDP drop 🇺🇸US unemployment could peak at 20 to 25 percent 🇲🇽Mexico's death toll rises to 5,177 For more details:

People try to keep social distance as they enjoy a warm afternoon during the outbreak of the coronavirus disease at Domino Park in Brooklyn, New York, US, May 16, 2020. The business shutdowns caused by cornavirus pandemic could "easily" cause the US economy to collapse by 20 to 30 percent this quarter, Federal Reserve Chairman Jerome Powell said Sunday.

Powell noted that the economy was fundamentally healthy before the virus struck suddenly and forced widespread business shutdowns and tens of millions of layoffs. Mexico has seen a slightly higher death rate from coronavirus than the global average so far due to the widespread presence of pre-existing medical conditions such as diabetes, hypertension and obesity, experts say.Brazilian President Jair Bolsonaro greeted hundreds of supporters — and joined some in a series of push-ups — who gathered before the presidential offices Sunday to back his open-the-economy drive even as the coronavirus pandemic sweeps across the country.

Ignacio Briones, Chile's finance minister, and Felipe Ward, secretary-general of the presidency, both said on Twitter they had tested negative for the coronavirus but would remain in quarantine until a second test confirmed they had not been infected.

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