US economic growth will hit 7% this year
Wednesday, 05 19 2021, Category: Economy, Country: United States
The American reopening is already leading to stronger growth than banks expected. Just ask Bank of America.
On Thursday, BofA economists lifted their 2021 US growth forecast once again on hopes for past and future stimulus accelerating the economic recovery. The upgrade is at least the fourth the bank has made this year.
The team led by Michelle Meyer now expects gross domestic product to grow 7% this year, up from the previous estimate of 6.5%. Output will then reach 5.5% the following year, also an upgrade.
Growth on a fourth-quarter-by-fourth-quarter basis will total 7.7% in 2021 and 4.4% in 2022, the team added. That exceeds the Federal Reserve's median estimates of 6.2% and 3.4% growth in 2021 and 2022, respectively.