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Fannie Mae Upgrades Economic Forecast Despite Continued Risks

Despite continued downside risks, full-year 2020 real GDP is now forecast to contract by 2.6%, an improvement from the prior month’s forecast of a 3.1% contraction, Fannie Mae said Tuesday.

The GSE’s Economic and Strategic Research (SR) Group attributed the upgrade to continued strength in consumer spending, and data suggesting that such spending will likely support economic growth through the remainder of the year. In particular, the ESR Group substantially upgraded its full-year 2020 forecasts for both new and existing home sales.

“The most important factor in our expectations for U.S. economic performance remains the impact of COVID-19 on household, business and policymaker actions,” said Doug Duncan, Fannie Mae’s chief economist.

He continued, “Optimism regarding a potential vaccine and declining infection and mortality rates are all supportive of stronger growth; however, any delays or disappointment in the development and deployment of a vaccine could result in a reduced rate of growth.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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