Business economists now overwhelmingly expect a ‘soft landing’ this year

The economy will expand by more than previously expected this year and the Federal Reserve will likely pull off a “soft landing,” avoiding a recession, leading business economists said in a new survey.

The monthly survey, which was conducted by the National Association for Business Economics in February and released on Monday, found that more than three dozen economists now predict GDP to expand by 2.2% this year, a significant increase from the 1.3% growth that was forecast back in December.

“The stronger February growth forecasts for 2024 result from upward revisions to key sectors of the economy, including personal consumption expenditures, nonresidential fixed investment, residential investment, and government consumption expenditures and gross investment,” said NABE President Ellen Zentner, who is also the chief U.S. economist at Morgan Stanley.

Furthermore, a large majority of economists,
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