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The coronavirus outbreak will result in the worst quarterly GDP growth contractions in the past 50 years, according to a new JPMorgan Chase and Co. note which predicts that the U.S. economy will shrink by a stunning 14 per cent in the second quarter of 2020.

JPMorgan chief economist Bruce Kasman painted a bleak portrait of what’s to come for the U.S. and the world’s economic powers over the following months.

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There is no longer doubt that the longest global expansion on record will end this quarter JPMorgan chief economist Bruce Kasman

China will feel the pain first — and most brutally — as its GDP growth declines to -40 per cent in the first quarter. The U.S. and the Euro area will begin to feel that shock in the first quarter as well with four per cent and 15 per cent contractions respectively, Kasman wrote.

But it’s in the second quarter where both will collapse and drag down the rest of the world with them. The U.S. economy will contract again, this time by 14 per cent, while the Euro area will experience a 22 per cent drop, according to Kasman.