Aa Presented by Richard DeKaser, Congressional Budget Office Director of Macroeconomic Analysis, to Economic and Financial Counselors from the European Union on September 14, 2023.
Forecast for 2023 to 2025:
- Growth will be sustained but with a soft patch in the near term.
- Unemployment will rise slightly.
- Inflation will gradually return to prepandemic levels.
- Interest rates will decline as inflation comes under control.
Risks to the Outlook:
- The outlook for inflation presents the greatest uncertainty.
- The upside risks of lower inflation and faster growth are balanced with the downside risks of higher inflation and slower growth.
Established in 1974, The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government. It is charged with providing members of Congress objective analysis of budgeting and economic issues to support the congressional budget process. Each year, CBO economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation. This posting includes a summary of Director Swagel’s testimony, a link to the full text of the testimony, and a list of publications that relate to the testimony