The U.S. trade deficit widened to the second-largest on record in November as merchandise imports reached a more than one-year high in the midst of the holiday shopping season, causing the shortfall in goods to climb to the highest yet.

The U.S. merchandise-trade deficit unexpectedly narrowed in September from the prior month’s record as imports declined for the first time in four months.

The U.S. economy will see a slightly deeper contraction this year but a bigger rebound in 2021 than previously forecast, according to updated estimates from the Congressional Budget Office.

The International Monetary Fund sees the world needing public investment of more than $20 trillion in the next two decades as nations spend on initiatives including improved healthcare systems, infrastructure and green technology.