/ world today news/ The International Monetary Fund (IMF) published a forecast for the prospects for the US economy in 2020 and 2021, based on the results of the traditional annual survey based on the fourth article of the IMF Charter.
According to the data presented in the table attached to the IMF statement on selected key economic indicators, the real GDP of the United States in 2020 will decrease by 6.6%, and in 2021 it will increase by 3.9%, reports TASS .
“The longest expansion [на икономиката] in US history was derailed by the unexpected emergence of COVID-19. In order to save lives and support the health care system, it was necessary to “shut down” the US economy on a large scale in March. Despite the gradual easing of state [здравни] restrictions and the lifting of stay-at-home orders from late April, the economic damage that was done was enormous. <...> “Almost 15 million Americans have lost their jobs, many small and large businesses are experiencing financial stress, and the outlook is extremely uncertain,” IMF experts emphasize.
The fund’s experts believe that “decisions to lift restrictive measures must be made with caution in order to mitigate the economic costs while at the same time preventing a continued increase in infection rates.”
“It will probably take a long time for the economy of [САЩ] to stabilize and return to activity at pre-pandemic levels. Overall, there are difficult months and years ahead globally. Of particular concern is the fact that the number of cases of COVID-19 continues to grow,” IMF experts said.
In addition, the IMF’s post-review mission criticized the protectionist measures actively used by the US in foreign trade.
“Efforts should be made to remove existing trade restrictions and increase tariffs by working with partner countries <...>. The imposition of import duties and other steps taken by the administration of [САЩ]undermine the openness and stability of world trade, increase the number of restrictions <...> and provoke a cycle of trade retaliation,” the fund says.
On Friday, IMF experts warned of the great danger for the US economy.
We recall that in June US President Donald Trump predicted US GDP growth to “the highest level in human history”. The White House announced the beginning of the recovery of the American economy, forecasting 20% growth in the second half of the year.
In the first quarter of 2020, US GDP is expected to decline by 4.8% year over year. At the same time, the quarterly decline in US GDP was called a “prelude” to a serious blow to the economy. US Federal Reserve Chairman Jerome Powell predicted a 20% drop in US GDP in the second quarter on an annual basis. According to other estimates, US GDP in the second quarter fell by 32% year-on-year.
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