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July 24, 2017

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CBO says US economy set for more than 3% GDP growth, falling deficit

WASHINGTON--The United States is expected to post solid economic growth of more than 3.0 percent through 2016, accompanied by a shrinking deficit, a government agency said Tuesday.

In its economic and budget outlook report for 2014 to 2024, the Congressional Budget Office (CBO) predicted growth in gross domestic product (GDP) at 3.1 percent this year and 3.4 percent in 2015 and 2016.

But growth would fall to 2.7 percent in 2017 and continue to slow "to a pace that is well below the average seen over the past several decades," largely because of slower growth in the labor force due to the aging population and mild inflation under 2.0 percent for the next several years.

Beyond 2017, the CBO expects that economic growth will diminish to a pace that is well below the average seen over the past several decades.

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