The financial upheavals considering that 2020, one major measure of the economy is nearly back on its pre-pandemic trajectory.
That’s according to the very first price quote of the country’s Gross Domestic Product in the 4th quarter, launched this week by the Bureau of Economic Analysis.1 The estimated annual growth rate of 2.9% puts the country’s overall economic output just a touch below the exact same trajectory that the Congressional Budget Office predicted back in January 2020, Jason Furman, Harvard economics teacher and previous leading financial consultant to President Barack Obama, noted on Twitter.
To put it simply, the economy is “basically back at its pre-pandemic forecast,” Furman stated.
It’s not ensured to remain that way, nevertheless– many specialists have cautioned that the economy is likely to diminish this year and enter a recession as a consequence of the Federal Reserve’s anti-inflation interest rate hikes.
