GDP set for strongest growth in 17 years in 2021: CBO

The economy will grow in 2021 at its fastest rate in 17 years as vaccines are administered across the country and life returns to normal, the Congressional Budget Office projected Monday.

The CBO expects that the U.S. gross domestic product will continue to expand "rapidly over the coming year, reaching its previous peak in mid-2021 and surpassing its potential level in early 2025," with an anticipated annual growth rate of 2.6% over the next five years.

Annual growth is expected to hit 3.7% in 2021, which would be the strongest number since 2004.