We can say the price level has risen in the economy from 2019 to 2020.
In the U.S., growth is expected to slow to 2% in 2020 from 2.3% in 2019 and fall further to 1.7% in 2021 (2020 growth compared to October WEO 0.1 percentage point decrease).
Real GDP fell by 3.5% in 2020 (from the 2019 annual level to the 2020 annual level) compared to a 2.2% increase in 2019 (Table 1).
The outbreak led to a sharp contraction in the economy in March 2020, resulting in real GDP contracting by 5.1% annualized in the first quarter and 31.2% in the second quarter.
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