Economists Forecast Stronger Growth, Easing Inflation in 2024 After Rapid Rate Hikes
• Economists predict much stronger economic growth in 2024 - GDP expected to rise 2.2% vs 1.3% previously forecast
• Lower unemployment rate and inflation forecasted, indicating potential "soft landing" for economy
• Upward revisions to projections based on increased consumer spending, business investment, homebuilding, and government spending
• Interest rates surged over last 16 months from near 0% to above 5% - fastest pace since 1980s
• Rate cuts from Federal Reserve expected to commence in Q2 2024, providing economic boost