• Council of Economic Advisors Forecasts 3 Percent Growth In GDP

Council of Economic Advisors Forecasts 3 Percent Growth In GDP

Wednesday February 24, 2010

A report by the Council of Economic Advisors states that the economy will continue to gradually recover, with the unemployment rate expected to stay about 10 percent for the rest of this year, and then fall to 9.2 percent next year and 8.2 percent in 2012.

Overall growth is expected to be about 3 percent this year before jumping to 4.3 percent for the following two years.

From a transportation standpoint, the report forecasts that exports are expected to rise rapidly as the global economy recovers in much the same way trade fell faster than gross domestic product during the recession. The report also discussed about the benefits of strengthened trade ties with countries in East Asia because their fast-growing economies will lead to more demand for U.S. goods, especially as they try to stimulate more domestic consumption and investment.

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