Prospects Rise For Economic Growth In 2021

May 25, 2021
National Association for Business Economics releases May Outlook.

The economic forecast for the remainder of 2021 just got another boost. The National Association for Business Economics (NABE) released its May Outlook and its panel of experts expect a rise in GDP growth this year. Panelists also expect current inflation to moderate by year’s end.

“NABE panelists have grown more optimistic about the prospects for economic growth in 2021,” says NABE President Manuel Balmaseda, CBE, chief economist, CEMEX. “The median forecast calls for an 8.5% annualized growth rate in the second quarter of 2021 for inflation-adjusted gross domestic product, or real GDP. The panel has become significantly more bullish about 2021 as a whole. The median real GDP growth estimate for 2021 is 6.7%, compared to the 4.8% forecasted in the March 2021 survey.”

“NABE panelists expect near-term inflation pressure, but anticipate it being short-lived,” adds Survey Chair Holly Wade, executive director, NFIB Research Center. “Inflation expectations moved up significantly from those in the March survey, but panelists anticipate inflation easing in the second half of 2021, with no resurgence in 2022.”

She continues, “Over half—56%—of the respondents consider the balance of risks to economic growth in 2021 to be to the upside, while 15% expect the balance to be to the downside. Panelists point to a large scale stimulus program and infrastructure spending as the main upside risks.”

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