US economy on track for sustained growth: Economists

The US is "on track" for a sustained growth over the next two years as the outlook for businesses and job market is improving, a survey of economists said.

By PTI | Feb 22, 2010, 09.11 PM IST

WASHINGTON: The US, which is the world's largest economy, is "on track" for a sustained growth over the next two years as the outlook for businesses and job market is improving, a survey of economists said.

According to the February 2010 National Association for Business Economics (NABE) survey, economists on the panel expect the economic recovery to remain firmly on track.

"The expansion is on track for a resumption of job gains in the near term and sustained growth over the next two years that will slightly exceed the economy's trend pace," the report stated.

The gross domestic product is forecasted to grow at 3.1 per cent over the four quarters of 2010, a pace nearly identical to last November''s prediction of 3.2 per cent.

The same growth rate is expected for 2011, comparing favorably with the panel's 2.7 per cent assessment of the economy's underlying trend, it added.

"We see a healthy expansion underway, although it will take time to reduce economic slack and repair damaged balance sheets," NABE president Lynn Reaser, chief economist at Point Loma Nazarene University said.

The survey presents the consensus of macroeconomic forecasts made by a panel of 48 professional forecasters.

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