Drop in U.S. GDP increases fears over economic recession

World Today

 

Fears of a recession in the U.S. were heightened on Thursday after data showed the economy going into reverse in the first quarter of the year.

The contraction was the first since the COVID-19 pandemic struck two years ago.

And while the Biden administration remains optimistic about where the economy is headed, a growing body of economists and investors think soaring inflation is driving the U.S. into a slump.