WASHINGTON (AP) — The nation’s business economists foresee a sharp slowdown in U.S. economic growth over the next two years, in sharp contrast to the Trump administration’s predictions that growth will accelerate this year and next.
That finding comes from the latest survey by the National Association for Business Economics being released Monday. Its economists collectively project that growth, as measured by the gross domestic product, will reach a modest 2.4 this year and just 2 percent in 2020. Among the key factors in their dimmer assessment are a global slowdown and the ongoing trade conflicts between the Trump administration and several major trading partners.
Still, the NABE economists say they think a recession remains unlikely any time soon.
For 2018, economic growth amounted to 2.9 percent, the government has estimated. The economy benefited last year from tax cuts and increased government spending, the gains from which are now thought to be fading. It’s one reason why most economists foresee a more sluggish pace of growth.