WASHINGTON (Pakistan Point News / Sputnik - 03rd July, 2020) The Congressional Budget Office (CBO) said on Thursday that the real GDP of the United States will be 3.4 percent lower throughout the next decade compared to projections unveiled in January.
"The annual level of real GDP in those years is now projected to be 3.4 percent lower, on average, than it was projected to be in January," the CBO said in its updated economic outlook for the next ten years.
The CBO added that the real GDP is expected to grow at an annual rate of 12.4 percent in the second half of 2020, reaching pre-pandemic levels by the middle of 2022.
The CBO projects that the US economy will contract by 5.9 percent in 2020, before growing at a rate of 4.8 percent in 2021 and stabilizing at a level slightly above 2 percent for the rest of the decade.
The Commerce Department announced last week that the US economy shrank at an even faster pace than previously estimated in the first quarter of 2020, contracting by 5.0 percent amid widespread lockdowns due to the novel coronavirus pandemic.
