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Growth Forecast Reports and the U.S. Congressional Budget Office (CBO)
The CBO has released its projections regarding the U.S. economic outlook through 2029. Due to the unprecedented and significant deficits, the federal debt is expected to increase and represent 93% of the gross domestic product (GDP) by the year 2029. The anticipated level of economic growth will drop to below the historical average, particularly as the fiscal stimulus effects are no longer felt by consumers and the average household. We can provide growth forecast reports with actionable data.
CBO Projections for Federal Debt
The amount of federal debt that will be held by the public is expected to increase steadily. Projections are that it will reach 93% of the GDP by 2029, which will be the highest level since shortly after WWII ended. It will represent around 150% of the GDP by 2049, higher than it has been in the past. It is generally understood that the debt issue is due to the consistently large deficit that continues to move forward and increase. If current legislation that contributes to this issue is not addressed and changed in the future, the debt ratio will surely increase further.
CBO Projections for Deficits
As per the CBO projections, the current federal budget deficit is approximately $900 billion. The deficit will reach beyond $1 trillion annually as of 2022. Within the next ten years, after making adjustments in consideration to shifts in payment terms, the deficit will float between 4.1%-4.7% of the GDP. This is far more than the average of the previous five decades. Legislative changes focused on a decrease in emergency expenditures has been successful in reducing previous deficit projections.
CBO Projections for Federal Spending
The CBO projects that federal spending will increase from 20.8% of 2019’s GDP to 23% in 2029. Factors driving this projection include the increasing numbers of older population members and the associated costs of their health care. This is turn directly affects the government’s costs in maintaining benefit programs such as Medicare and Social Security. In addition, increasing federal debt saddled with higher interest rates drives up the government’s overall costs. Limits on discretionary funding over the next several years will also affect federal spending.
MarketResearch.com analysists take into account a number of data inputs when compiling our market reports, including CBO projections as well as first-person interviews of key personnel and industry decision makers. We provide our clients with growth forecast reports on a large number of verticals including these:
· The additives and supplements market
· Building and construction market size
· Emerging market trends data
· Market share reports
· The pet products market
· The dairy packaging industry
· Food consumer insights
· Oral care products
To learn more about the growth forecast reports that we exclusively provide to our clients, contact us today.