US Q2 GDP declines by 32.9% annual rate, the worst contraction since 1940s

A shuttered business is shown on July 21, in the Brooklyn borough of New York City, the US. Photo: AFP

The US economy shrank an annualized 32.9 percent for the second quarter, the worst fall since 1940s, as the country fails to rein in the world's worst outbreak of COVID-19.