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For release at 2:00 p.m., EDT, June 10, 2020. It summarizes the forecasts of economists from industry, government, banking, and academia. The Nowcast estimates are thus based on the same parameters used during 2020:Q2, based on data through the end of 2020:Q1 Our forecasts for GDP growth from … June 10, 2020: FOMC Projections materials, accessible version Accessible version. Economic outlook for 2020. December 18, 2020. It is not an official forecast of the Atlanta Fed, its president, the Federal Reserve System, or the Federal Open Market Committee. The Federal Reserve Bank of Philadelphia took responsibility for the survey in 1990. In 2020, the growth rate of real GDP is forecasted to be 1.7%—lower than the projected 2.2% rate for 2019. The Second Stimulus Answers to Your Questions About the Stimulus Bill. The median Fed official projection for Gross Domestic Product in 2020 went from a 6.5 percent contraction at the June FOMC meeting to … According to this year’s AOS consensus forecast, the economy is expected to grow at a solid but moderating pace in 2019 and 2020: The growth rate of real GDP is predicted to be 2.3% in 2019 and 1.9% in 2020. FEDERAL RESERVE BANK OF ATLANTA JANUARY 8, 2021 Atlanta Fed GDPNow Estimate for 2020: Q4 Note: The Atlanta Fed GDPNow estimate is a model-based projection not subject to judgmental adjustments. The Survey of Professional Forecasters is the oldest quarterly survey of macroeconomic forecasts in the United States. The Federal Reserve Bank of Philadelphia took over the survey in 1990. Updated Dec 30, 2020. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. That is somewhat of an understatement given the size and scope of the changes in the Fed’s economic projections for the near future. The Fed Fed staff lowers forecast for economic growth over the rest of year: FOMC minutes Published: Aug. 19, 2020 at 4:16 p.m. The country's unemployment rate will drop to 9.3 percent by the end of the year, according to the Fed's forecasts. The Federal Reserve's economic forecasts reflect a wide range of views about the course ahead. Central bank paints bleak outlook for economy in 2020 and plans to keep rates close to zero, but forecasts 5% growth next year and 3.5% in 2022 For 2021, Fed officials see anything from a continued recession to the biggest boom since 1984. The unemployment rate is anticipated to remain below 4% through the end of 2020. Fed's dire outlook: GDP seen shrinking by 6.5 percent this year. 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