{
  "title": "United States: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United States",
  "publication": "IMF Staff Country Reports, August 10, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/08/07/united-states-2020-article-iv-consultation-press-release-staff-report-and-statement-by-the-49650",
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  "summary": "The U.S. is in the midst of an unprecedented social and economic shock. The longest expansion in U.S. history has been derailed by the unanticipated advent of COVID-19. To preserve lives and support public health, it was necessary to put in place a broad-based shutdown of the U.S. economy in March.",
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    {
      "heading": "Summary and context",
      "content": "- The U.S. is in the midst of an unprecedented social and economic shock driven by COVID-19.\n- The longest expansion in U.S. history has been derailed by the unanticipated advent of COVID-19.\n- To preserve lives and support public health, a broad-based shutdown of the U.S. economy was put in place in March.\n- 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.\n- It will likely take a prolonged period to repair the economy and to return activity to pre-pandemic levels.\n- 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."
    },
    {
      "heading": "Human and health impact",
      "content": "- As of July 16, more than 136,000 Americans have tragically lost their lives and many more have become seriously ill."
    },
    {
      "heading": "Labor market and business stress",
      "content": "- Almost fifteen million Americans have lost their jobs.\n- Many small and large businesses are under financial stress.\n- Future prospects are highly uncertain.\n- Reopening decisions will have to be handled carefully to mitigate economic costs while containing the ongoing rise in COVID-19 infection rates."
    },
    {
      "heading": "Key subjects and keywords noted on the page",
      "content": "- Subjects: COVID-19, Financial institutions, Health, Income, Labor, Loans, National accounts, Unemployment\n- 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\n\nInternational Monetary Fund. United States: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United States (August 10, 2020).\n\n---\n\n Content in this bundle\n\n- 1usaea2020001\n  - 1usaea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1usaea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 10, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513552835.002",
    "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.",
    "As of July 16, more than 136,000 Americans have tragically lost their lives and many more have become seriously ill.",
    "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.",
    "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",
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