SFY - The Formula For A Return To Growth (Or Further Retreat) In 2021

• It looks like the U.S. economy (GDP) shrank by 3.5% in 2020, its worst showing since 1946.
• The good news is that all the bad news came in one quarter (the second). The third quarter erupted into 33.4% annual growth and the fourth quarter grew at a 4% rate, for an annualized +19% second-half spurt.
• The IMF forecasts that U.S. GDP will expand 5.1% in 2021, while the more conservative World Bank predicts 4% growth but warned that growth could limp along at 1.6% if there are delays in rolling out vaccines.

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