The White House lowered its growth forecast for the US economy from 3.8 percent to 1.4 percent for this year.
The economic forecasts in the budget proposal for the 2023 fiscal year submitted by the US President Joe Biden administration to Congress in March were revised.
Accordingly, the US economy was estimated to grow by 1.4 percent this year, 1.8 percent next year and 2 percent in 2024.
- Pelosi’s husband pleads guilty to drunk driving
- Zelensky rejects Russia’s accusation over Dugina’s murder
- Narcissists Believe Conspiracy Theories More Easily
In the forecasts for the country’s economy made in March, it was predicted that the economy would grow by 3.8 percent this year, 2.5 percent next year and 2.1 percent in 2024.
Inflation forecasts were set at 6.6 percent for this year, 2.8 percent for next year and 2.3 percent for 2024.
The US budget deficit forecast for this year was reduced by 383 billion dollars to 1.032 trillion dollars.
In the estimates published by the White House in March, it was predicted that the budget deficit would decrease by about 50 percent annually to 1.4 trillion dollars in fiscal year 2022.
The country’s budget deficit expectation for the fiscal year 2023 was increased by 146 billion dollars to 1.3 trillion dollars.
It was noted that these revisions were due to Russia’s war in Ukraine, ongoing supply chain disruptions and the effects of the COVID-19 outbreak.
