CUNA dims economic expectations for 2020
A recession is not certain, but seems much more likely by 2021.
Credit unions should be preparing for a sharp slowdown in growth next year and a higher likelihood of recession by the end of 2021, according to a CUNA forecast released Thursday.
The new set of CUNA forecasts shows sharp declines expectations for U.S. economic growth and credit union loan growth in 2020, compared with forecasts released in April and June.
CUNA Senior Policy Analyst Samira Salem presented the gloomier outlook in CUNA’s monthly Economic Update video released Thursday.
Her colleague, CUNA Senior Economist Jordan van Rijn had signaled in September’s Economic Update that the economic team had started to adopt a more pessimistic outlook on the economy.
The forecast numbers were the product of a meeting in the first week of October between CUNA economists and Steve Rick, chief economist for CUNA Mutual Group.
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