As a result of the coronavirus pandemic, the national economy is projected to contract by 0.2 percent in 2020, assuming that normal business operations resume in June 2020. The Washington region’s economy is projected to stall, increasing 0.1 percent in 2020 with quarter-to-quarter declines in 2Q-4Q 2020. Weakened consumer spending and decreased productivity will be the main drivers of lost economic activity in the region and services industries that rely on discretionary spending will have the most acute losses in the near-term.
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The Stephen S. Fuller Institute for Research on the Washington Region’s Economic Future is part of the Schar School of Policy and Government at George Mason University.
