By Lucia Mutikani WASHINGTON (Reuters) – The U.S. current account deficit raced to a 12-year high in 2020 as the COVID-19 pandemic severely disrupted exports and could remain elevated this year as an economic recovery driven by massive fiscal stimulus draws in imports.

The Commerce Department said on Tuesday the current account deficit, which measures the flow of goods, services, and investments into and out of the country, surged 34.8% to $647.2 billion last year. That was the largest shortfall since 2008. The current account gap represented 3.1% of gross domestic product last year, also the l…

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