US could rebound from coronavirus with historic growth rate in 2021: Kudlow

The U.S. economy shrank by 4.8 percent in the first quarter

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President Trump's chief economic adviser Larry Kudlow said Sunday the U.S. economy could see a historically high growth rate in 2021 despite the current economic contraction caused by coronavirus.

"President Trump cut taxes and regulations for middle-income folks, better trade deals, boosting the energy system, that worked. We had terrific growth in earlier years, even the beginning of this year," Kudlow told "Sunday Morning Futures." "We will build on those incentives so that coming off of this pandemic, we could have one of the greatest economic growth rates in American history in 2021 next year."

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Kudlow has insisted that the U.S. could see a third-quarter economic growth rate as high as 20 percent.

In this April 28, 2020 file photo, a closed sign is posted at a restaurant along the River Walk in San Antonio. (AP Photo/Eric Gay, File)

"I want to quote the Congressional Budget Office, as well as a bunch of private forecasters and The Wall Street Journal forecasting survey," Kudlow said. "They're looking for a substantial rebound of say 17 to 20 percent in the second half of the year beginning in the third quarter."

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The American economy shrank at annual rate of 4.8 percent in the first three months of the year, the sharpest decline since the financial crisis more than a decade ago, the Commerce Department said Wednesday.

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It was the first drop recorded since the first three months of 2014, and the worst since the first quarter of 2009, when the economy contracted by 4.4 percent in the midst of the financial crisis.

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