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An Update to the Economic Outlook: 2020 to 2030

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  • Congressional Budget Office

Abstract

The economic outlook for 2020 to 2030 has deteriorated significantly since CBO last published its 10-year baseline economic projections in January. The annual level of real GDP in those years is now projected to be 3.4 percent lower, on average, than it was projected to be in January. Similarly, the annual unemployment rate averages 6.1 percent over the period in the current projections, whereas it averaged 4.2 percent in the January projections.

Suggested Citation

  • Congressional Budget Office, 2020. "An Update to the Economic Outlook: 2020 to 2030," Reports 56442, Congressional Budget Office.
    • Handle: RePEc:cbo:report:56442
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    File URL: https://www.cbo.gov/system/files/2020-07/56442-CBO-update-economic-outlook.pdf
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    Citations

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    Cited by:

    1. Rajeev K. Goel & James R. Jones, 2022. "Managing the risk of COVID‐19 via vaccine passports: Modeling economic and policy implications," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 2578-2586, September.
    2. Jeffrey Clemens & Stan Veuger, 2020. "Implications of the COVID-19 Pandemic for State Government Tax Revenues," National Tax Journal, National Tax Association;National Tax Journal, vol. 73(3), pages 619-644, September.
    3. Burgess, Matthew G. & Langendorf, Ryan E. & Ippolito, Tara & Pielke, Roger Jr, 2020. "Optimistically biased economic growth forecasts and negatively skewed annual variation," SocArXiv vndqr, Center for Open Science.
    4. repec:aei:journl:y:2020:id:1008578025 is not listed on IDEAS
    5. Mohajan, Haradhan, 2020. "Most Fatal Pandemic COVID-19 Outbreak: An Analysis of Economic Consequences," MPRA Paper 101623, University Library of Munich, Germany, revised 03 Apr 2020.
    6. Hoynes, Hilary & Maestas, Nicole & Strand, Alexander, 2023. "Legal Representation in Disability Claims," SocArXiv svcy3, Center for Open Science.
    7. Maria Ana Matias & Rita Santos & Panos Kasteridis & Katja Grasic & Anne Mason & Nigel Rice, 2022. "Approaches to projecting future healthcare demand," Working Papers 186cherp, Centre for Health Economics, University of York.
    8. Alan J. Auerbach & William Gale, 2020. "The effects of the COVID pandemic on the federal budget outlook," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(4), pages 202-212, October.
    9. Paul J. J. Welfens, 2020. "Trump’s Trade Policy, BREXIT, Corona Dynamics, EU Crisis and Declining Multilateralism," International Economics and Economic Policy, Springer, vol. 17(3), pages 563-634, July.
    10. Miguel Garza Casado & Britta Glennon & Julia Lane & David McQuown & Daniel Rich & Bruce A. Weinberg, 2020. "The Aggregate Effects of Fiscal Stimulus: Evidence from the COVID-19 Unemployment Supplement," NBER Working Papers 27576, National Bureau of Economic Research, Inc.
    11. Kaan Celebi & Paul J.J. Welfens, 2020. "The Economic Impact of Trump: Conclusions from an Impact Evaluation Analysis," EIIW Discussion paper disbei281, Universitätsbibliothek Wuppertal, University Library.
    12. repec:aei:rpaper:1008586598 is not listed on IDEAS
    13. David R. Agrawal & Ronald B. Davies & Sara LaLumia & Nadine Riedel & Kimberley Scharf, 2021. "A snapshot of public finance research from immediately prior to the pandemic: IIPF 2020," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(5), pages 1276-1297, October.
    14. Thomas Husted & David Nickerson, 2021. "Private Support for Public Disaster Aid," JRFM, MDPI, vol. 14(6), pages 1-19, June.
    15. repec:aei:rpaper:1008570714 is not listed on IDEAS
    16. Tracy Gordon & Lucy Dadayan & Kim Rueben, 2020. "State and Local Government Finances in the COVID-19 Era," National Tax Journal, National Tax Association;National Tax Journal, vol. 73(3), pages 733-758, September.
    17. Jeffrey Clemens & Benedic Ippolito & Stan Veuger, 2021. "Medicaid and fiscal federalism during the COVID‐19 pandemic," Public Budgeting & Finance, Wiley Blackwell, vol. 41(4), pages 94-109, December.
    18. Jesse M. Abraham, 2020. "Jump-starting America: how breakthrough science can revive economic growth and the American dream," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(3), pages 163-165, July.
    19. Brester, Gary W. & McCullough, Michael & Atwood, Joseph & Austin, Caroline, 2023. "Beer Excise Taxes and the Craft Beverage and Modernization Tax Reform Act," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 48(2), May.
    20. Paul J. J. Welfens, 2020. "Trumps Wirtschaftspolitik und der Corona-Schock - Perspektiven für die USA [Trumps Economic Policy and the Corona Shock - Perspectives for the USA]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(11), pages 848-855, November.
    21. Melanie Marks & David Zirkle & Montana Shanks & Emily Moran, 2020. "Teaching Macroeconomics Using the Coronavirus Pandemic Example in the High School Classroom," Journal of Economics Teaching, Journal of Economics Teaching, vol. 5(2), pages 44-63, December.
    22. Hilary W. Hoynes & Nicole Maestas & Alexander Strand, 2022. "Legal Representation in Disability Claims," NBER Working Papers 29871, National Bureau of Economic Research, Inc.

    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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