- May 20, 2020
- 1 min read
Economic Forecast for COVID-19 Recovery
This month, EPTMC is providing insight from various financial and economic sources on projections of COVID-19 in the global economy, the US economy and El Paso.
The first two graphs provide a big picture perspective on the pandemic impact in 2020 and the percent change in growth by 2021. As per the International Monetary Fund (IMF), they project the global economy will contract by 3% in 2020, and grow by 5.8% in 2021. The 3rd graph shows Real Gross Domestic Product in the US from 2016-2020. This graph shows the sudden drop in GDP in the 1st quarter of 2020 as a result of COVID-19. Economic development experts from IEDC indicate that the pandemic is likely to be short lived (6 months) if social and governmental controls are followed. The 4th graph shows the El Paso MSA, on the unemployment effects of two recessionary events (2008-2009 depression & COVID-19 pandemic).
EPTMC is hopeful that by June 2020, we can plan to have our first lunch meeting if the pandemic shows a downward trend and local government authorities permit groups to meet.
El Paso MSA Unemployment (Source: US Bureau of Labor Statistics)