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5/25, 8:34 PM (Source: TeleTrader)
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CBO sees US economy growing 3.1% in 2022

The United States Congressional Budget Office (CBO) said in its latest Budget and Economic Outlook report on Wednesday that it expects the US GDP to grow by 3.1% in 2022.

The CBO added that the American economic growth will be driven by consumer spending and demand for services in 2022 and will then slow in 2023 and 2024 due to the tightening monetary policy, waning fiscal support, and other factors. The GDP is seen rising 2.2% in 2023 and 1.5% the following year.

Reflecting on inflation, the CBO noted it expects consumer prices to remain high this year and then to slow in the following two years and near the Federal Reserve's inflation target of 2% by late 2024.

Baha Breaking News (BBN) / NP