Jul 31, 2020 - Economy

Pandemic wipes out 5 years of economic growth in 3 months

A chart
Data: Bureau of Economic Analysis vis FRED; Chart: Andrew Witherspoon/Axios

The economic decline between April and June caused by the coronavirus pandemic brought the U.S. GDP back to levels last seen in 2015, according to data released Thursday.

Why it matters: While we fell into the hole swiftly, economists are dashing hopes of an equally swift recovery. They warn it could take years for the U.S. to recover.

Meanwhile, record-breaking economic drops are being recorded across the globe.

  • Massive economic contractions happened across the European Union, data out this morning shows: Spain's economy fared the worst with a 18.5% drop from the prior quarter.
  • Mexico’s Q2 GDP fell 17.3% from the prior quarter — the biggest quarterly contraction on record, according to data released yesterday.
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