The United States is expected to enter recession most likely this year, and will face high inflation until 2024, as expected by the majority of economists in their response to a survey conducted by the National Association for Business Economics NABE twice annually.
More than two-thirds of respondents in the National Association for Business Economics’ lead survey think the inflation rate will remain above 4 percent at the end of this year.
And 217 members of the association participated in the survey, which was conducted between the second and the tenth of March, the foundation said in a statement.
The US Federal Reserve raised interest rates by 4.75 percentage points in an attempt to curb rising inflation, which last year reached its highest level in decades.
The rise in commodity prices slowed to 6% year-on-year in February, higher than the Fed’s long-term target of maintaining 2%.
But in light of the cloudy economic outlook, only 5 percent of respondents believed that the United States is experiencing a recession in the current period, compared to 19 percent who believed that in the previous economic survey, said Julia Coronado, president of the National Association for Business Economics, in a statement.
Economists slightly raised the Federal Reserve’s chances of achieving a so-called “soft landing”, that is, reducing inflation while avoiding recession, from 27 percent in August 2022 to 30 percent in March 2023.
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