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WASHINGTON (AP) -- The U.S. economy, helped by a stronger job market and falling oil prices, should enjoy the fastest economic growth in a decade next year, according to a panel of top business economists.
The National Association for Business Economics said Monday it expects the overall economy, as measured by the gross domestic product, to expand by 3.1 percent next year. That would be the strongest GDP growth since 2005 when the economy grew 3.3 percent.
The 2007-2009 recession was the worst downturn since the 1930s, and the economy has struggled to regain its footing. The U.S. has been stuck with sub-par growth averaging 2.2 percent per year. The NABE forecasters believe growth this year will average an anemic 2.2 percent, matching last year's performance.
But the NABE forecasting panel, composed of 48 economists, believes growth will finally move into higher gear next year, reflecting continued job gains and a boost in consumer spending linked to the recent big drop in energy prices. The 3.1 percent forecast for 2015 is up slightly from a 3 percent projection the NABE panel made in September.
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