White House: U.S. growth expected to decelerate markedly this year, inflation to remain stubborn

The White House expects the U.S. economy to weaken significantly in 2024, even if inflation has fallen back and will remain stubbornly above the Federal Reserve's target. U.S. President Joe Biden on Monday unveiled his budget for fiscal year 2025, which forecasts the economy in 2024 of which is 1.7 percent, well below the median index of 2.1 percent of economists surveyed. Following an unexpected 2.5 percent growth in the economy in 2023, most forecasters believe that economic growth this year, under the jaws of high interest rates, will be the expected figure in the budget proposal was finalized last November, when the United States has not yet released strong 2023 GDP figures. While the projected growth rate is lower than economists surveyed by Bloomberg expected, Biden's modeling senior economic staff said the government's economy would suggest what many others are predicting if they look ahead to the next five to 10 years.