U.S. economy will grow 3.1% this year and then slow, Congressional Budget Office projects [Los Angeles Times (CA)]
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Source: Los Angeles Times
U.S. economy will grow 3.1% this year and then slow, Congressional Budget Office projects The U.S. economy is projected to grow 3.1% this year as more government spending and tax cuts help propel an expansion, the Congressional Budget Office said Monday. But the robust run of growth may stall as early as next year, with the U.S. economy expected to slow in 2019 and during the following decade once temporary government policies expire, according to the nonpartisan CBO's report. Economic growth will slow to 2.4% in 2019 and to 1.7% in 2020, staying at about that level over the next decade, the CBO projected If the CBO's numbers prove correct, U.S. economic growth will have jumped from 2.6% in 2017 to 3.1% in 2018. Those numbers mark a significant improvement over the aftermath of the Great Recession, which saw a tepid annual growth rate of about 2.2%. "There is an acceleration of growth that is significant," said Allen Sinai, chief economist and strategist at Decision Economics. "A year
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