The sharp contraction in gross domestic product reflects the swift impact of the coronavirus pandemic on the US economy.
Hassett also expects the US unemployment rate, due to be published next month to soar to 16-17%. By comparison, US unemployment was 4.4% in March.
New York has one of the largest but slowest-growing economies in the US.
Venezuela's central bank released its first inflation data since 2015, showing the dismal state of the economy. GDP fell at least 10% for 11 quarters.