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- US GDP is now seen contracting 3.8% in 2020 – UOB
US GDP is now seen contracting 3.8% in 2020 – UOB
FXStreet reports that Alvin Liew, Senior Economist at UOB Group, assesses the latest GDP figures in the US economy.
“The US released its best-ever quarterly economic report as the 3Q 2020 GDP, surged by 33.1% q/q SAAR, the largest output gain on record since data were made available in 1947.”
“We now project flat growth in 4Q 2020 (i.e. 0% q/q) but the rebound in the second half of the year will still not offset the 1H contraction even though it is less severe than previously projected. The US full-year 2020 GDP is now expected to contract by a smaller 3.8% (from the previous projection of -4.5% made in September)…We continue to expect the US GDP to rebound at an above-potential rate of 2.8% in 2021.”
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