Kaplan: COVID-19 is Muting Economic Recovery

President of the Federal Reserve Bank of Dallas, Robert Kaplan, told CNN on Wednesday that the US economy needs the extension of unemployment benefits, Reuters reported.

Kaplan expects gross domestic product (GDP) to grow by 20% in the third quarter (Q3), and contract by 50% in 2020.

“The issue with the resurgence in the virus is it slowed down or somewhat muted the recovery we’ve been expecting.”

“So the better again we manage the virus, the better we’ll recover.”