WASHINGTON: The US economy will grow on the order of 20 per cent in the third and fourth quarters, a top White House economic adviser predicted on Sunday , despite reopening setbacks linked to a coronavirus resurgence.
The International Monetary Fund has estimated that during the April through June period, US GDP contracted 37 per cent compared to the same period last year. For weeks, Democrats and Republicans have been debating a new plan to extend unemployment benefits, so far without agreement. The administration proposes setting unemployment compensation at 70 per cent of a recipient's last paycheck.
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