The Epidemic Sets The Economy Back About Two Years
(May 29, 2020, 6:37 p.m. EST) The Coronavirus epidemic is currently expected to set back the U.S. economically by nearly two years. Here are the facts.
The size of the U.S. economy peaked at an annualized rate of $19.2 trillion in the fourth quarter of 2019. By comparison, the most recent forecast of 60 economists surveyed monthly by The Wall Street Journal is for the economy to bottom at a $18.2 trillion annualized growth rate in the fourth quarter of 2020. Then, the recovery begins.
The nation is not expected to return to the record $19.2 trillion GDP of late 2019 until the end of March 2022, nearly two years from now.
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