Although economic forecasts can change due to unforeseen circumstances, the outlook for 2014 is generally positive, with a return to solid growth and the possibility of even stronger economic performance, depending on several key factors that should become clearer over the next few months.
GDP, unemployment, and inflation
As of late December 2013, year-over-year growth of real gross domestic product (GDP) was expected to range from 1.7 percent to 2.3 percent, higher than was expected earlier in the year but lower than the 2.8 percent rate in 2012. The economy is projected to bounce back in 2014, with growth of around 2.7 percent to 3.2 percent, near the 50-year average of 3.06 percent.
- Written by Charles Sims Jr.