U.S. raises GDP growth forecast

U.S. raises GDP growth forecast

New Yorkers skate on the open-air rink in Central Park.On December 15, the U.S. Congressional Budget Office (CBO) released an economic outlook report predicting that GDP growth in 2023 will reach 2.5%, a sharp 1.6 percentage point upward revision from the previous estimate, with inflation falling to 2.9% and the unemployment rate rising to 3.9%. The report forecasts U.S. GDP growth to slow to 1.5% in 2024, negatively impacted by weak consumer spending, declining property investment and weaker export growth.