Economists expect a Recession and High Inflation in the US
The United States is likely to enter a recession this year and face high inflation through 2024, a majority of economists polled in a recent survey predicted.
More than two-thirds of respondents to the National Association for Business Economics (NABE) policy survey forecast that inflation will remain above four percent at the end of this year.
The survey aggregated responses from 217 NABE members and was conducted between March 2 and 10, the organization said in a statement.
The US Federal Reserve raised interest rates by 4.75 percentage points in an effort to tackle rising inflation, which last year hit its highest level in decades.
In February, price growth slowed slightly to an annual rate of 6.0%, well above the Federal Reserve's long-term target of 2%.
Amid the bleak economic outlook, there was some good news as only five percent of those surveyed believed the US was currently in the midst of a recession, down "much less" from 19 percent in the previous economic survey, said in a statement NABE President Julia Coronado.
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