Fed President Patrick Harker Predicts GDP Growth Between 5 and 6 Percent for 2021

For immediate release

Contact: Daneil Mazone, Manager, Media Relations, 215-574-7163

Philadelphia — Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, told a virtual audience that a combination of increased vaccinations, falling COVID-19 case rates, and a strong dose of fiscal stimulus should stoke economic growth in 2021. Harker, addressing the Delaware State Chamber, forecast national GDP growth of 5 percent to 6 percent.

Harker also described the Federal Reserve Bank of Philadelphia’s recently released online tool: the Occupational Mobility Explorer. This resource allows users to examine opportunities for workers to transfer their skills from one occupation to a similar — but higher-paying — occupation in the same labor market. Focusing on jobs that do not typically require a bachelor’s degree, the tool provides information on occupational transitions available in the 33 largest metropolitan areas in the U.S.