The U.S. economy will experience a 'significant, historic' contraction in the second quarter before it starts to rebound, and unemployment will remain elevated at the end of 2020, Dallas Federal Reserve President Robert Kaplan said on Monday.
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank's headquarters in Dallas, Texas, U.S. January 9, 2020. REUTERS/ Ann Saphir/File Photo
Kaplan said he projects that gross domestic product will drop by an annualized rate of 35% to 40% in the second quarter and that it should start to recover in the second half of the year. “If people wear masks widely, if we have extensive testing and contact tracing, if businesses and us as individuals follow good procedure, we’re going to grow faster,” Kaplan said during a virtual discussion organized by the Money Marketeers of New York University.
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