WASHINGTON, July 17 (Xinhua) -- U.S. output is expected to contract by an annualized rate of 37 percent in the second quarter and by 6.6 percent for 2020 as a whole, the International Monetary Fund (IMF) staff said on Friday, after concluding an annual Article IV review of the U.S. economy.
The longest economic expansion in U.S. history has been derailed by the unanticipated advent of COVID-19, with the poorest households facing "particularly precarious prospects," according to the concluding statement, which describes the preliminary findings of IMF staff at the end of an official staff visit.
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