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Economy will slow this year, but avoid recession: CBO

Posted on AllSides July 26th, 2023
From The Right
AP Photo/Elise Amendola, File

The 2024 presidential campaign will take place under a troubled economy, the Congressional Budget Office projected Wednesday, foreseeing slowing growth and rising unemployment.

Growth will dip to less than half a percent in the final quarter of this year, delivering an annual rate of growth in Gross Domestic Product of less than 1%, CBO said.

Things will pick up next year but growth will still come in at just 1.5%, before topping 2% in 2025.

On the jobs front the news is also grim.

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