Majority of economists foresee U.S. recession in 2021: survey

2019-02-26 10:21

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Majority of the U.S. economists believe the country will fall into a recession no later than in 2021, according to a survey report released Monday by the National Association for Business Economics (NABE).

The report showed about 10 percent of the experts surveyed expect an economic recession in the United States this year, 42 percent expect one in 2020, and 25 percent think a downturn will hit in 2021. That means roughly three fourths of them believe a recession will take place by the end of 2021.

About a decade after the end of the financial crisis, 47 percent of respondents think that the U.S. government's fiscal response to the crisis was inadequate and that more should have been done, the NABE report said.

About one-third think that the government's response was about right, while 16 percent think that the government did too much.

A majority of respondents, or 67 percent, believe that the U.S. Federal Reserve's monetary policy response to the financial crisis was adequate, and 79 percent think that the quantitative easing program was generally effective.

In its economic projections released in December, the Fed revised down its forecast for U.S. economic growth in 2019 to 2.3 percent from the previous 2.5 percent.

After concluding a two-day policy meeting in late January, the Fed left interest rates unchanged as expected and pledged patience on future rate hikes.  
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