Washington:
The US economy is expected to contract by double digits as unemployment surges, while the federal deficit is seen exploding to $3.7 trillion in 2020, the Congressional Budget Office said Friday.
US GDP in the April-June period is forecast to decline by 12 percent while the jobless rate reaches 14 percent as a result of the widespread lockdowns to contain the coronavirus pandemic, the independent CBO said.
The deficit estimate is more than triple the CBO's prior forecast last month.
CBO warned that the "challenges in the economy and the labor market are expected to persist for some time."
COMMENTS
Advertisement
Universal Coronavirus Vaccine? New Jab Targets Even Unknown Threats Life Expectancy Dropped By 1.6 Years Globally During COVID-19: Lancet Study Pandemic As Deadly As Covid Could Strike In Next Decade Shooter Had Trump's Face Right In Middle Of Crosshairs, Shows New Video Barack Obama Wants Joe Biden To Pull Out Of US Presidential Race: Report World's Largest Isolated Tribe Makes Rare Appearance In New Footage Israeli Strike Kills Field Commander In Elite Hezbollah Unit: Report Delhi-San Francisco Air India Flight Diverted To Russia After Engine Glitch Congress Does Not Want Manipur Like Situation In Tripura: Gaurav Gogoi Track Latest News Live on NDTV.com and get news updates from India and around the world.