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7/2, 8:35 PM (Source: TeleTrader)
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CBO sees US annual GDP falling 5.8% in 2020

The United States real gross domestic product (GDP) will fall 5.8% annually in 2020 after a 2.3% year on year increase in the previous year, the Congressional Budget Office (CBO) predicted in its 2020 to 2030 US economic outlook update released on Thursday.

The CBO stressed that GDP expectations for the 2020 to 2030 period are on average 3.4% lower compared to January's estimates as a result of the coronavirus pandemic. Additionally, the annual unemployment rate will average 6.1% in the 11-year period, while projections from earlier in the year put average unemployment at 4.2%.

Furthermore, the CBO said it expects strong growth in the third quarter as GDP in the second half of the year is seen jumping 12.4%. However, pre-pandemic levels will only be seen in mid-2022.

Breaking the News / VP