Larger stimulus leads to upgrade to U.S. growth forecasts

With COVID-19 cases stabilizing and Democrats oiling the tracks to pass large parts of President Joe Biden’s $1.9 trillion stimulus plan – even without Republican support – economists are raising their 2021 economic growth forecasts.

Expectations for gross domestic product growth increased for the current three-month period and every subsequent quarter through mid-2022 in the latest survey of economists by Bloomberg News. Economic growth this year is estimated to be the strongest since 1984.

GDP is projected to rise an annualized 5.6% in the second quarter and 6.2% in the third – both 1.6 percentage points stronger than January estimates, according to the median forecasts in a Feb. 5-10

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