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| Home > News > Financial and Economic News > Economists not optimistic about economic recovery in 2011 |
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| Economists not optimistic about economic recovery in 2011 |
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| 11/24/2010
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American businesses will see a moderate increase in gross domestic product in 2011, but the economy will still struggle, according to a recent survey of financial experts.
According to Bloomberg News, a poll conducted by the National Association for Business Economics reveals that economists are concerned about high levels of federal debt, a consistently high rate of unemployment, increased business regulation and rising commodity prices. A median forecast of 51 economists projects that the total market of goods and services will increase by 2.6 percent in 2011, which would be smaller than the 2.7 percent increase in 2010.
Financial analysts who were surveyed also predicted that the unemployment rate will be about 9.4 percent through the middle of next year before dropping to 9.2 percent before the start of 2012. Respondents were split about the Federal Reserve's decision to buy another $600 billion in government debt by June 2011. Approximately one-third of economists said that the purchase will diminish the risk of inflation, while another one-third said that the Fed's action will increase the risk.
According to the Wall Street Journal, some Fed officials are optimistic about the future of the economy.
"Some [forecasters] even worry that the economy might fall into a deflationary trap. I am not one of them," said Charles Plosser, president of the Federal Reserve Bank of Philadelphia, quoted by the news source. |
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