Question

I need to write about GDP and  COVID-19

There is no agreement among economists as to how the economy will recover from our current recession. Possible shapes of this recovery have been given different letters of the alphabet: “U” shaped, “V” shaped, etc. Economists lately have spent a great deal of time discussing the difference between these different forms of recovery. The Wall Street Journal video “Alphabet Economics: Why the Old Rules of Recoveries May Not Apply” in this week’s Course Materials folder attempts to explain the letters associated with these recessions.

answer this: What is the economic growth rate for 1Q and 2Q 2020? Provide the two rates and the hyperlinks where you found them. Note these rates are revised by the government a number of times so make sure you have the latest revisions. There is no word count requirement for this post but be sure to write something about what these rates mean

I need to write about 80- 100 words and please no handwriting.

more information (Chapter 7 - Measuring Domestic Output and National Income, Chapter 8 - Economic Growth)

Answer 1

GDP and COVID19

thre are two condition under which the growth of output so to the economy may be looked at, one in developed economy, and in developing economy.

the grounds on which the assessement need to be done,

1) the degree of uncertainity and despire among the public must be assessed which is quite subjective and may leads to new low or high, so shape of recovery may not be determined with such an ease.

2) the shock is on demand side due to already slow growth in output before the COVID 19 situation and falling GDP of developing economies.

3) supply get hurt due to long period lockdown.

4) this situation is even worse than war ( as world experience nearly complete shutdown of productive activity) so any tradition method of recovery may not be said to be assuring the recovery.

5) looking forward to achieve recovery the traditional method like monetary policy , fiscal measure of trade as there is no issue of unbalance but the issue is overall slump in most of the sector across the globe.

6) no particular country is mentioned in the question to get the GDP number but can be seen at IMF web page.