Deloitte estimated that the U.S. contraction in in 2020 would be the second mildest (behind only Japan) among G7 nations, with all the other countries — Canada, France, Germany, Italy, the U.K. — estimated to take a harder hit.”
The Federal Reserve Bank of Atlanta, the Chicago Fed, the Conference Board, and Goldman Sachs have all expected growth to be between 30% and 35%, on an annualized basis. This level of growth, economists note, would be the highest in the history of American GDP calculations, which began during the Great Depression.
“It’s the best-ever recovery,” economist Art Laffer told Just the News. “But you know, bottom line, the reason that’s the best is because the first and second quarter were the two worst. They were caused by something not economic, they were caused by the pandemic. And so it’s not a normal recovery in the sense of the Great Depression.”
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