The U.S. economy could have a full recovery of a kind by the end of the year, the president of the Federal Reserve Bank of St. Louis said Thursday.
“Very rapid third-quarter GDP growth may put the U.S. economy within reach of a sort of ‘full recovery’ by the end of 2020,” Federal Reserve Bank of St. Louis President James Bullard said during a webinar for the Global Interdependence Center on Thursday.
Bullard suggested that the United States could reach the average level of aggregate national income of 2019 by the end of 2020. Aggregate income is the total of all incomes in an economy without adjustments for inflation, taxation, or types of double counting.
“For this to happen, real GDP would have to grow 35% at an annual rate in the third quarter, followed by about 10.3% at an annual rate in the fourth quarter. These are big numbers, but not outside the realm of possibility,” he said.
The St Louis Federal Reserve bank is one of 12 regional reserve banks that, along with the Board of Governors in Washington, D.C., make up the U.S. central bank that manages the currency and monetary policy of the country.
