The gross domestic product of the United States will decline this year from 6.5%, as a result of the pandemic Covid-19, but the u.s. economy is expected to rebound by 5% next year, according to new estimates from the u.s. central Bank.
read also : Ran Halevi: “Riots, Covid-19, economic crisis: the annus horribilis of the U.s.”
During its previous projections, published in December, the powerful financial institution forecast growth of 2% this year and 1.9% next year. Before the pandemic, the first economy of the world, which had benefited from 2018 to fiscal stimulus measures had started to decline but continued to increase at a sustained pace compared to other advanced countries.
A unemployment of 9.3% in 2020, 6.5%, 2021
The Fed has additionally indicated in a statement that it projected an unemployment rate of 9.3% in 2020 and 6.5% in 2021. In February before shutting down the economy to contain the spread of the coronavirus, it was 3.5% to its lowest in 50 years. And, the central Bank believed unemployment would rise to 3.6% this year as the next year.
The institution has also left its interest rate unchanged in a range between 0% and 0.25%. It is expected to continue to keep this level as long as the economy is not relieved of the crisis. In addition, it has indicated that it will continue to use its tools and will “act as needed to support the economy”.
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