Forecasted Stronger Economic Growth of 2.2% in 2024

National Association for Business Economics (02/26/24)

According to the February NABE Outlook Survey, panelists have significantly raised their projections for U.S. economic growth in 2024, now expecting a 2.2% increase in inflation-adjusted gross domestic product compared to the previous forecast of 1.3% in December 2023. This upward revision is driven by improvements across key sectors including personal consumption, nonresidential and residential investments, and government expenditures. Most panelists anticipate the Federal Reserve to initiate rate cuts in the second quarter, and they forecast stronger economic growth, lower inflation, and reduced unemployment rates compared to the Fed’s December projections. Additionally, over three-quarters of the panelists predict a soft landing for the U.S. economy in 2024.