The US economy sank at an annual rate of 4.8% during the first quarter, according to official figures released on Wednesday. It is the most severe contraction in more than a decade.

More than 26 million people in the US have filed for unemployment. Forecasters expect growth to contract 30% or more in the three months to June.

Countries around the world are feeling the economic strain from the impact of Covid-19.

In Germany, Economy Minister Peter Altmaier said the pandemic will send the country’s economy into the worst recession since World War Two.

The country’s GDP is expected to shrink by 6.3%.

The International Monetary Fund (IMF) has predicted that global growth will drop by almost 3%.

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