U.S. economy strengthens; coronavirus threat presses
The economy of the United States is expected to expand at its fastest annual pace in decades this year. It is also predicted to surpass most of its major peers as the country upgraded its economic outlook. However, an increase in coronavirus infections will likely press over the next three months, a Reuters survey showed.
The world’s biggest economy will likely grow 6.2% in 2021. The forecast came to be the most upbeat in more than two years. Should the economy hit the target, this would also be the sharpest pace of expansion ever recorded since 1984.
Over 100 economists predicted that the economy will record a 7% expansion this year, placing larger than the 6.4% prediction rendered by the International Monetary Fund. However, analysts are wary that their outlook would be hindered by another wave of COVID-19 infections across the country.