US may see biggest ever decline in second quarter GDP: White House economic adviser

White House economic adviser Kevin Hassett. (File photo: AFP)

White House economic adviser Kevin Hassett said on Tuesday the current dip of negative oil prices is due to a “very short-run thing” - the coronavirus pandemic - and that a decline in second quarter gross domestic could be the biggest ever posted.

“It’s a grave economic situation for sure, that we’re looking at one of the biggest shocks that any major economy has ever experienced and a decline in GDP in the second quarter that could end up being the biggest we’ve ever posted because so many things have shut down,” Hassett said in an interview with Fox News.

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Last Update: Tuesday, 21 April 2020 KSA 18:00 - GMT 15:00