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

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.