United States: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United States
IMF Staff Country Reports, August 10, 2020
Source details
- Canonical URL
- United States: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United States
Other formats
Bibliographic details
- Published: August 10, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513552835.002
Summary and context
- The U.S. is in the midst of an unprecedented social and economic shock driven by COVID-19.
- The longest expansion in U.S. history has been derailed by the unanticipated advent of COVID-19.
- To preserve lives and support public health, a broad-based shutdown of the U.S. economy was put in place in March.
- Despite gradual easing of state lockdown restrictions and lifting of stay-at-home orders starting in late April, the collateral economic damage has been enormous.
- It will likely take a prolonged period to repair the economy and to return activity to pre-pandemic levels.
- Globally, there will be difficult months and years ahead; it is of particular concern that the number of COVID-19 cases in the U.S. is still rising.
Human and health impact
- As of July 16, more than 136,000 Americans have tragically lost their lives and many more have become seriously ill.
Labor market and business stress
- Almost fifteen million Americans have lost their jobs.
- Many small and large businesses are under financial stress.
- Future prospects are highly uncertain.
- Reopening decisions will have to be handled carefully to mitigate economic costs while containing the ongoing rise in COVID-19 infection rates.
Key subjects and keywords noted on the page
- Subjects: COVID-19, Financial institutions, Health, Income, Labor, Loans, National accounts, Unemployment
- Keywords: article IV discussion, article IV team, COVID-19, CR, decisive response, Europe, Global, Income, ISCR, liability positions vis-à-vis nonresident, Loans, money market rate, President's executive order, staff appraisal, Unemployment
International Monetary Fund. United States: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United States (August 10, 2020).
Content in this bundle
- 1usaea2020001