Experts Downgrade US GDP Growth Forecast from 6.5% to 5.6%

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Experts' forecasts for the growth rate of the U.S. economy have been significantly revised downward.

According to Fox Business on the 27th (local time), the economic growth rate forecast for the U.S. GDP this year, based on the September survey of the National Association for Business Economics (NABE) expert panel, was presented as an average of 5.6%.

In the panel survey conducted in May, the average growth rate forecast given by experts was 6.5%.

NABE evaluated that the spread of the COVID-19 Delta variant and other factors had a significant impact on experts' judgments.

In fact, in this survey, more than two-thirds of respondents identified the spread of the COVID-19 variant virus as the greatest risk factor to the economy, while large-scale fiscal programs and fiscal policy (5%) were also pointed out as risk factors.

Earlier, on the 21st, the Organisation for Economic Co-operation and Development (OECD) also revised down its growth forecast for the U.S. this year to 6%, a 0.9 percentage point decrease from May.

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