Economists' 2023 Forecasts Proved Too Pessimistic As Economy Outperformed Predictions
• Analysts largely missed the mark on 2023's economic rally, predicting slower growth and higher chances of a recession
• Inflation cooled slower than anticipated, while stocks performed better than most forecasts
• Economists underestimated the power of pent-up demand and the resilience of consumers and the labor force
• Interest rates climbed higher than expected, with the Fed adopting a "higher for longer" policy
• Forecasting is difficult - few predicted the actual economic experience of this unpredictable year