How significant is the projected Q2 GDP drop for the US economy?

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The US economy is projected to experience its largest-ever quarterly Gross Domestic Product (GDP) decline in the second quarter.

White House economic adviser Kevin Hassett described the current economic situation as grave, characterizing it as one of the most significant shocks any major economy has ever faced. This projected record decline in GDP is attributed to the widespread shutdown of numerous economic activities.
Unprecedented Economic Shock

The economic downturn is considered one of the most severe shocks experienced by a major economy. This assessment highlights the extreme nature of the disruption caused by the ongoing circumstances.
Factors Contributing to Decline

A primary driver for the anticipated record GDP drop is the extensive shutdown of various sectors and activities. This cessation of economic operations has directly impacted overall production and consumption.
Short-Term Nature of Oil Price Dip

Hassett specifically addressed the current dip into negative oil prices, labeling it as a "very short-run thing." He directly linked this phenomenon to the prevailing coronavirus pandemic, suggesting it is a temporary consequence.

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How significant is the projected Q2 GDP drop for the US economy?

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