The 2020 economic recession is the result of the COVID-19 pandemic; activities that were previously safe became higher risk, or had higher uncertainty about their safety, and consumers and businesses changed their behavior in response. This health crisis is not yet resolved and its trajectory will continue to be the main factor in the economic recovery.
The Washington Region’s Economic Recovery: A 1Q 2021 Update
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The Washington region’s economy, as measured by its Gross Regional Product (GRP), is projected to decrease by 2.9 percent in 2020. This is the largest decrease on record, with data going back to 1990. Economic growth in 2021 is projected to be 3.5 percent and the largest economic rebound will occur in 2022 (+4.1%), after the vaccine is presumed to be available and in use.
The Washington Region’s 2020 Recession and Near-Term Outlook, October 2020
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View the Slides from the 4th Annual Economic Forum›