(RTTNews) – The almost one year old US recovery, started from the trough of June 2009, will be stronger than previously estimated, a survey by National Association for Business Economics said Monday.
The NABE panelists raised their growth forecast for 2010 to 3.2% for real GDP from 3.1% estimated in February even as concerns over the spread of the European debt crisis deepened across the globe. The panel also expects economy to grow at the same pace in 2011. The economy’s potential rate of growth is estimated at 2.8% over the next five-year period.
“Although risks involving Europe have recently escalated, the outlook in this country has improved in most respects,” said NABE President Lynn Reaser, chief economist at Point Loma Nazarene University.
“The economy is in reasonably good shape as the recovery approaches its first anniversary, but forecasters remain ‘extremely’ concerned about large federal deficits going forward.”