Economy

Economists Expect 33.5% GDP Decline in Q2

The closely watched NABE Outlook Survey was just released. The new version is called “The June 2020 NABE Outlook.” Among the 44 panelists polled for the survey, the consensus is that second-quarter gross domestic product will drop at 33.5% annualized, quarter over quarter.

The group also said most of the risks of a change in the number are on the downside.

Outlook Survey Chair Eugenio Aleman, economist, Wells Fargo Bank, reported: “The NABE panel remains decidedly pessimistic about the second quarter of the year, as 80% of participants view risks to the outlook tilted to the downside.”

The NABE Outlook Survey is among the most pessimistic issued by any large group of experts on the economy. It included business executives and departments of the federal government.