HOUSTON, Aug. 19, 2020 /PRNewswire/ -- The BBVA Research team has published its Economic Outlook for third quarter 2020, as the U.S. faces one of its most challenging environments in modern history.
The report, published by the entire BBVA Research team headed by BBVA Chief Economist Nathaniel Karp, shines a light on the economic and social impact of COVID-19. According to its authors, the pandemic has exposed major fault lines previously hidden by the longest economic expansion on record and has forced draconian measures that caused massive job losses and the worst recession since World War II, exacerbating poverty and income inequality.
While maintaining its baseline for growth in 2020 at -5.1 percent and 3.5 percent in 2021, the quarterly outlook highlights the importance of the timing, scope and effectiveness of social and fiscal policies in determining the possible shape of the economic recovery. The report notes that containment will be the key determinant.
The BBVA Research publication further delves into labor market forecasts, the change in the personal savings rate and consumer loan balances, and possible next steps for the Fed.
BBVA USA's research team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The Economic Research team also follows a variety of issues that affect the Sunbelt states where BBVA USA operates. Follow their work on Twitter @BBVAResearch and @BBVANews_USA.
BBVA Group BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
BBVA USA In the U.S., BBVA is a Sunbelt-based financial institution that operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.