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Stock impact report

U.S. Economic Growth Will Be Worse Than EU And China [Forbes]

Barclays PLC (BCS) 
Company Research Source: Forbes
An aerial view of homeless tents lining a street in LA on April 18, 2020. Tens of millions have been... [+]laid off. Will they get rehired upon re-opening the economy? (Photo by David McNew/Getty Images)This pandemic has put the U.S. economy in the ICU unit. It’s worse than the euro zone. Worse than China’s. Nearly all of it was self-inflicted.Barclays Capital updated their global growth forecasts on Friday and the U.S. got hammered most.In a subheading titled “U.S. Activity Falls Off A Cliff”, Barclays points out that U.S. GDP will be worse now than the entire euro zone.For the year, U.S. economic output could contract by 6.4% while the eurozone economies contract by 5.5%. The U.S. contraction is due primarily to an expected two month long shutdown of the economy, over 22 million people laid off, and untold numbers more who were forced into pay cuts and lost bonuses. Within the Americas, only Peru’s economy performs worse, down 6.6% by Barclays’ estimate.March retail sales, released Show less Read more
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