9/24/2020, 3:42 PM (Source: TeleTrader)
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Fed's Kaplan sees GDP growth of 3% in 2021

Dallas Federal Reserve Bank (Fed) President Robert Kaplan stated on Thursday he expected the United States' gross domestic product (GDP) would grow by more than 3% in 2021 after suffering a blow amid the coronavirus pandemic.

Kaplan added he believed GDP would expand by 30% year-on-year in the third quarter but stressed the importance of the Fed's fiscal support to achieve such a result. He also predicted a "strong" fourth quarter with a jobless claims rate of 75% at the year's end.

Kaplan previously stated he had foreseen the country's economy would contract 4.5% in 2021 as a result of the crisis caused the pandemic.

Breaking the News / JR