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Economists Predict Sharp Slowdown Before Outlook Brightens Considerably

American Bankers Association Business Economies economists Outlook U.S. economy US US News

Economists Predict Sharp Slowdown Before Outlook Brightens Considerably

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WASHINGTON—Economists forecast a strong recovery this year but warn of a sharp drop in the economic activity in the first quarter before it builds momentum following the winter. The U.S economy will grow at 3.9 percent over the four quarters of 2021, according to the latest estimates by the American Bankers Association’s Economic Advisory Committee. This would mark the fastest growth in nearly two decades, the committee, comprised of 20 chief economists from leading financial institutions, stated in a press release on Jan. 14. The economy, however, “remains in the grip of the pandemic” with a new round of business lockdowns starting to weigh on the recovery. “The painful toll from COVID-19 continues to add up,” according to Beata Caranci, chief economist at TD Bank Group and chair of the Economic Advisory Committee. “In addition to rising hospitalizations and deaths, the pandemic is weighing on the U.S. economy as social …

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