FILE PHOTO: Construction workers are seen at the site of a large public infrastructure reconstruction project of an elevated roadway and bridges in upper Manhattan in New York City, New York, U.S., April 22, 2021. REUTERS/Mike Segar
May 28, 2021
WASHINGTON (Reuters) – The U.S. economy will slow markedly after its initial bounce back from a pandemic-induced swoon, according to White House projections as reported by the New York Times.
The Times, in a report based on the economic assumptions that underlie a budget proposal the White House will release later on Friday, said the Biden administration sees GDP growth slowing to 2% in 2023 and falling further to 1.8% a year through the mid-2020s.
The administration projects an unemployment rate of 3.8% from 2023 on, the newspaper said.
(Reporting by Tim Ahmann; Editing by Chizu Nomiyama)