Summary Box: Economists lower growth forecasts

AP News
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Posted: Sep 12, 2011 3:12 PM
Summary Box: Economists lower growth forecasts

GROWTH LOWER: A panel of top economists with the National Association for Business Economics has cut its forecast for economic growth this year to 1.7 percent, down from a May estimate of 2.8 percent growth. That would be just about half the 3 percent growth seen in 2010.

ECONOMIC DRAGS: The forecasters said the economy is being held back by a wide variety of factors such as high unemployment and concerns about the European debt crisis which have hurt consumer and business confidence.

OUTLOOK: The NABE panel projects that economic growth will accelerated only slightly in 2012 to an increase of 2.3 percent, down from a May estimate of 3.2 percent growth in 2012.


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