WASHINGTON—2014 will be a breakout year for the U.S. economy as private-sector demand accelerates and fiscal drag eases, according to the Economic Advisory Committee of the American Bankers Association.
According to the committee, which includes 13 chief economists from among the largest banks in North America, inflation-adjusted GDP growth for 2014 will be 3.0 percent, compared to a 2.3 percent annual average since the Great Recession ended in mid-2009 and the post-recession high of 2.8 percent in 2010.
"This will be the strongest economic growth since the expansion began in 2009, and the committee’s strongest forecast since 2005,” Christopher Low, chairman of the group and chief economist of First Horizon National Corp's FTN Financial, said. "We expect faster growth in business investment and stronger job creation as the economy improves."
Read more...Bank Economists See Stronger Economic Growth in 2014
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