in a wave of coronavirus-induced layoffs. This is likely to continue, according to the report, and pull down second quarter GDP even further. An investor who oversees $300 billion at T.
Beyond 2020, the bank expects the economy to continue to gain steam as activity begins to normalize. The firm projects US GDP growth of 4.2% in 2021, and 2.7% in 2022. "We see the economy returning to a more trend-like pace of 2.2% growth in 2023 as real GDP finally recovers its Q4 2019 level in the back half of that year," Luzzetti wrote.
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