Economic Decline: Growth Projections Revised Downwards
In a disheartening turn of events, the nation’s economic growth for this year is facing considerable uncertainty. The General Accounting Office, tasked with analyzing economic indicators, recently unveiled their latest forecast, revealing a significant downward revision in the projected growth rate for 2023. The new estimate stands at a mere 1.61%, markedly lower by 0.43 percentage points compared to the gloomy May forecast, plunging us into an eight-year low.
Unfortunately, the struggles do not end there. Despite some signs of respite, inflationary pressures persist, with consumer price inflation (CPI) expected to hover around 2.14% throughout this year.
Hope on the Horizon: Encouraging Predictions for 2024
While economic uncertainties loom large, the Accounting and Accounting Office offers a glimpse of hope for the future. An uptick in economic growth is anticipated in the coming year, with the projected growth rate soaring to 3.32% in 2024. Additionally, there is a silver lining on the inflation front, as the CPI is predicted to converge towards a more favorable 1.58%.
Stay up-to-date with our comprehensive economic coverage as we navigate the challenging landscape of financial fluctuations and strive for a brighter economic outlook.
Economic decline, economic growth this year is difficult to “guarantee 2”. Today, the General Accounting Office released the latest economic forecast, which significantly revised the economic growth rate in 2023 to 1.61%, which is 0.43 percentage points lower than the forecast in May and reached an 8-year low. Inflationary pressures have not fully eased, and the rate of consumer price inflation (CPI) is estimated at 2.14% this year.
Although this year’s economic growth is difficult to “guarantee 2”, the Accounting and Accounting Office believes that the economy is expected to improve next year. It predicts that the economic growth rate will reach 3.32% in 2024, and the increase in CPI will also converge to 1.58%.
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