The Economy in Perspective
Worst-case scenarios … Most people pondering worst-case scenarios for the U.S. economy this year are likely to be concerned that the slowdown we have been experiencing will be unusually steep and protracted. We cannot know the future with certainty, and some U.S. contractions have indeed been marked by large declines in output and employment. A related concern is the possibility that economic growth could remain sluggish for a period, entailing not an absolute loss of output, but a loss relative to the economy’s imagined growth potential.
Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-02, pp. 01, 02.01.2001.